Help to Save scheme

[LS4202]

Hi everyone,

Is anyone using the Help to Save scheme from the government? https://www.gov.uk/get-help-savings-low-income

It sounds too good to be true, there isn’t any hidden catches is there?

Thanks.

[Kathymumofone]

I don’t qualify but I’ve just had a look and it seems pretty straightforward. No catches that I can see.

I think the idea is they want you to build up a bit of an emergency fund so if you can save maybe £2 a week -which on UC is no mean feat – they will add an extra £1.

If you have a few pounds spare, that’s a better regular return than anywhere else I know of. Good for school uniforms. Or the cooker breaking. 🙂

[emmas08]

Hi.

Ive signed up and paid in twice so far. I read it all several times and the only catch I could see was if you pay in then draw money out, you don’t get their contribution but you still have your money. I decided to do it as it at least means I have some savings in case I need buy hopefully it will be untouched until the government match it!

 

[Ginger1002]

I have been saving into it for over a year now. I qualify for my first bonus in May 2020 and there are no catches. 50% bonus paid into your account after 2 years and then another 50% after 4 years.

[LS4202]

Thanks!

[Author]

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