As I understand it this opportunity has only been offered to 'random selected addresses' not individuals!

It guarantees £1 added for every £2 saved over a period of 18 mths with a maximum amount saved of £400 and a maximum government match of £200!!

More information available on the website (http://www.direct.gov.uk/MoneyTaxAndBenefits/ManagingMoney/SavingsAndInvestments/SavingsAndInvestmentsArticles/fs/en?CONTENT_ID=10010450&chk=U09/4C)

:D

Just me then.....:hihi:

Lucky you!!! I haven't had the letter :( I could do with some free money lol

As someone working in the financial field there are a number of things that should be made clear about this:

- only available to households with income under 50k and individual income of under 25k
- not available to full time students or pensioners
- between £1 and £25 must be put into the account in at least 16 of the 18 months, up to a £400 maximum
- South Yorkshire is one of a handful of pilot areas (I believe in Manchester the government match is £1 for every £1!)
- MORI are conducting the research on behalf of the DWP and HM Treasury and the pilot is designed as way of seeing how the less well off (the invitation is mainly sent to addresses who have claimed a form of benefit at some point) can be "encouraged" into saving their money.

Originally posted by t020
MORI are conducting the research on behalf of the DWP and HM Treasury and the pilot is designed as way of seeing how the less well off (the invitation is mainly sent to addresses who have claimed a form of benefit at some point) can be "encouraged" into saving their money.

Well I truly am lucky then as I have never claimed benefits...apart from my family allowance and because I work part-time my earnings are under the £25k limit. We are just under the total income bracket as a household income....:clap:

It does say on the website other piloted areas are doing varying schemes ie., some you can save as much as £125 a month... still I think it is kinda free money...well £200 anyways!!

:thumbsup:

Originally posted by Shiesh
It does say on the website other piloted areas are doing varying schemes ie., some you can save as much as £125 a month... still I think it is kinda free money...well £200 anyways!!


It's not realy free though is it, it's coming from the government, ie. out of taxes.

Originally posted by nick2
It's not realy free though is it, it's coming from the government, ie. out of taxes.

It is Kinda...it is not interest...it is not money I have earnt....I do see it as a very minor windfall...like winning the bonus ball at work....etc

I've paid my taxes for years etc so it's just a little bit back!!

:)

Originally posted by Shiesh
Well I truly am lucky then as I have never claimed benefits...apart from my family allowance and because I work part-time my earnings are under the £25k limit. We are just under the total income bracket as a household income....:clap:


It's probably from claiming family allowance that they knew your income details though, but yes you were lucky to get one since it does seem a good investment, even if it is relatively puny.

I got one, was straight down the Halifax the next day.

Free Money muuwaaahaaaa

m boyfriend has got one cause only one of us works full time at the mo so our income is low enuff. at the time dont think we were getting any benefits though, unless it was just after my daughter was born n child benefit was sorted... dunno.

Anyone else recieved a letter inviting them to open a Saving Gateway account?

The government are trailing it in 6 regions and south yorkshire is one of them.

You can save up to £25 a month for 16 months, and for every £2 you save the government will give you £1. so if you pay in the meximum for 16 months on the 18th month (the account matures) you get an extra £200 and are free to do with your £600 what you like.

the only downside is that other regions have it better, Manchester get £1 for every £1 they save and Cambridgeshire can save up to £125 a month!

its invite only though!

www.direct.gov.uk/savinggateway

I had this stuff through yesterday.

The best thing the Treasury could do for me right now is stop charging me GBP80 a week 'Employers National Insurance' as well as my 'Employee's National Insurance'. I work as a contractor through an umbrella company and so pay double NI for the privelege. I also earn more than 25k, thouhh the household income is under 50k.

If I want a savings account I'll go to the bank. I can see the idea behind it all but any money I might want to save is whipped off me by the Treasury anyway!!

I wish HMG would stop trying to mother us.

Joe

See existing thread here: http://www.sheffieldforum.co.uk/showthread.php?postid=460638#post460638

Mod. Note

threads Merged

Free money - free money - free money - the threads old but the scheme is going nation wide! How's about that then peeps.

i was offered it a few years ago - and took advantage of it! brilliant!

Edit=

OOOPS! Just noticed the date on the origininal post! Must have been about that time that i was offered it.

Unfortunately this offer is really out of date and the link is defunct, so I'll close this.