Money
I ditched ALL technology to move off-grid to a shack – my toilet’s a hole in the ground & I shower from a sack of water
THE MONEYLESS man who ditched modern technology to move off-grid has revealed he survives without day-to-day commodities including running water or a flushing toilet.
Mark Boyle planned on joining the rat race and graduated with a degree in business and economics until a life changing conversation.
In 2007, Mark set out to accomplish living a year without money and sought a free campervan before volunteering at a farm in exchange for a plot of land to live off.
Making the site slightly more hospitable, he then added a wood-burner, compost toilet and homemade stove.
Not fully achieving his goal, he spent £360 on a solar panel to power his electronics including a phone which he could only receive calls on.
His philosophy became a lifestyle and soon after he was brushing his teeth with cuttlefish bone and fennel seeds.
Leftover newspapers cast aside in bins acted as Mark’s sustainable equivalent to loo roll and he kept an eye out for food thrown out by nearby restaurants too.
Mark even made the 36-mile round trip from his caravan to Bristol on his bike, only hand washed his clothes and found other essentials by scouring the contents of skips.
One year turned into four, until Mark made his first official purchase in 2011 – a pair of shoes from a charity shop.
The self-proclaimed Moneyless Man wrote a book to share his experiences and used the proceeds to fund a new plot of land near Galway, Ireland.
His DIY shack even featured in Ben Fogle‘s New Lives in the Wild which aired on Channel 5 in 2021.
Mark previously told Galway Beo how his life in the city of Bristol was “quite simple” and made up of “thousands” of “complicated things”.
He added: “Now I create a rather cumbersome life where I have to do everything but they are simple and easy to find.
“I don’t romanticise the past or the future. I know which way of life brings me the most peace and satisfaction.”
Despite admitting he does not romanticise his life, Mark hopes to inspire other to live out their dreams of a similar lifestyle.
Having published a number of books and regularly sharing his thoughts with The Guardian, Mark has been vocal about his thoughts on consumerism.
He believes that if people grew their own food, sourced drinking water and hand-crafted furniture, the population would be more mindful over their waste.
Having lived in a bubble where instant meals and supermarket privileges are non-existent, Mark has found peace and an understanding that even food is “not a given thing in life“.
We abandonded our 9-5 jobs to live off-grid in a shack we built entirely from scratch
A COUPLE has revealed how they escaped the rat race and found their dream life by building their own off-grid paradise.
Hoppie and Tao took a leap of faith when they decided to construct their cabin home in the Lamass Ecovillage in North Pembrokeshire.
Despite a bitter planning war that has gone on for over a decade, the pair live on site where there are a “collective of smallholdings and eco-dwellings in Preseli hills”.
Taking to their YouTube channel, FLORB, to share their lifestyle with others, the couple revealed that they hadn’t always rejected the convention of day-to-day living.
Previously, Tao admitted to growing up in the “mainstream, in suburbia” with his mum, a housewife, and dad, an accountant.
He said: “I had a very ordinary upbringing but I never really felt rooted. It wasn’t until I started living on the land that I discovered roots.
“You’re not constrained by heavy mortgages or nine-to-five jobs. You’ve just got a lot of space to explore.”
Previously, Hoppie ran a therapy business before moving to the rural village.
She said: “One day out of the blue, around my 40th birthday, I just suddenly felt [something] like a bell, going ‘ding’, saying it’s time to go to Pembrokeshire.
“I don’t think I’ve ever felt more empowered. My supermarket is a garden and my pharmacy is my herb garden. I love that.”
Transforming the original plot from a “bunch of small fields” and three caravans to their main chalet-themed home, the pair’s determination has paid off.
Their green thinking doesn’t end there, as the pair have found living essentials and furniture through searching on eBay and in charity shops.
They also source their water from a spring, grow fruit and vegetables and even drink milk from their pet goats.
The lifestyle might not be for everyone with slightly less glamourous aspects such as the toilet barrel which stores waste for two years at a time.
Now hoping to extend their project, Tao and Hoppie have decided to turn the outbuilding structure into The Lammas Earth Centre for Transformation and Healing.
Money
Four checks to make NOW as clocks go back this weekend including heating and hot water – or risk extra costs
HOUSEHOLDS across the UK will get an extra hour in bed this weekend when the clocks change.
They will go back one hour at 2am on October 27, the last Sunday of the month, signalling the end of daylight saving time.
The change means mornings will be brighter but sunset will come an hour earlier as darker nights draw in.
Most people own some kind of smart tech like a phone or laptop which should update automatically early on Sunday morning.
But there are some devices you may need to adjust manually like any analogue clocks or cookers.
To help you get ahead of the clocks changing, here are four things you should do now to ensure you’re not caught out.
Change your clocks
Any analogue clocks will need to be pushed forward an hour.
If you don’t, any alarms you’ve set will go off an hour later which could make you late for work or any social plans.
Some alarm clocks are radio-controlled and automatically adjust their time and date, so check whether yours is or not before Sunday.
James Longley, managing director at Utility Bidder, said: “There are some cases where you will need to change the clocks manually.
“In the kitchen, you’ll have to take a look at your microwave and oven to update the time.
“Each appliance is different, but ordinarily, if your microwave has a clock button you will need to press it down for a few seconds and set a new time once you hear a beep.
“Similarly with ovens, a clock feature with up and down buttons should be standard on newer versions.”
Central heating and hot water
With the nights getting colder, you’ll want to make sure all your central heating systems are operating on the right time.
Smart tech will update automatically, but make sure you adjust anything analogue.
Fail to do this, and any timings you have in place to turn your central heating on and off could be wrong meaning you use heating or hot water when you don’t need it.
James, from Utility Bidder, explained: “Smart meters and thermostats should automatically adjust from British Summer Time to Greenwich Mean Time.
“But this may not be the case for older central heating systems, so be sure to check this so you aren’t wasting unnecessary energy from heating.”
When it comes to setting your heating at the right temperature, James said having it set at a minimum of 18 degrees Celsius should be enough to keep you warm.
“The World Health Organization recommends heating the home at around 18 degrees to maintain good health and a positive sleep routine.
“However, for the young, old or those who are unwell, 20 degrees Celsius is considered to be more appropriate.”
Why do the clocks change?
Clocks change twice a year, in Spring and Autumn, but why?
The concept of changing the clocks first arrived in Britain in 1907, when William Willett, the great-great-grandfather of Coldplay lead singer Chris Martin, self-published a pamphlet called “The Waste of Daylight”.
A year after Willett’s death, in 1916, Germany became the first country to adopt daylight saving time.
The UK did the same a few weeks later, along with other nations involved in the First World War.
British Double Summer Time was temporarily introduced during the Second World War, with clocks kept one hour in advance of Greenwich Mean Time to increase productivity.
Since the war, Britain has operated under British Summer Time except for between 1968 and 1971 when the clocks went forward but were not put back.
Getting the timing right for central heating systems means you’ll avoid paying to heat your home at the wrong time, which coudl add to bills.
Adjust smart lights and plugs
Anyone with automatic smart lights may need to manually adjust the time they’re set to come on.
If yours are connected to your phone then don’t worry as they should change automatically.
That said, you may still want to adjust the time they actually come on with the mornings turning lighter earlier.
The same rule applies to smart plugs that may be set up to turn lamps or other lights on at certain times of the day.
Having the lights come on when there’s still sunlight would be a waste of energy and money.
Review your finances
The clocks changing can be a great time to go over your finances ahead of the busy and expensive Christmas period.
Look over your bank statements or any credit card bills and work out where you could be saving money.
Use the time to make a budget for the festive period too, otherwise expenses can quickly grow out of control.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Mike Ashley threatens WWE-style smackdown at Boohoo by demanding they make him chief executive
MIKE Ashley is threatening a WWE-style smackdown at Boohoo by demanding the retailer makes him chief executive.
Just one day after dropping a separate £111million bid for Mulberry, the sportswear tycoon has deployed his favoured tactic of a public “poison pen” letter to attack the online fast-fashion giant’s management team.
The missive, wired to the City yesterday morning, accused Boohoo of “abysmal” performance and “value destruction”.
Mr Ashley’s Frasers Group has steadily built up a 27 per cent stake in Boohoo — and now owns more than the founder and executive chairman Mahmud Kamani.
The letter from the former Newcastle FC owner claims the board had “lost its ability to manage Boohoo’s business and investments”.
Clive Black, analyst at Shore Capital, likened the explosive development of “the Ashley- Kamani bout” to “retail WWE”.
“Get out the popcorn,” he added.
Just last week Boohoo said it would address the 90 per cent collapse in its share price with a strategic review.
That could spell the break-up of its Pretty Little Thing, Karen Millen and Debenhams brands.
Meanwhile, chief executive John Lyttle said he would be stepping down after five years.
Mr Ashley said there was now a “leadership crisis” at Boohoo, which would only worsen its ongoing problems and delay a return to growth.
His letter stated that appointing Mr Ashley as a director and CEO was “the best solution” and it called for Mike Lennon, a partner at restructuring firm Kroll, to be installed on the board.
Mr Ashley’s public intervention comes after months of jostling behind the scenes.
The tycoon is thought to be particularly keen to gain control of Debenhams, which he tried to buy out of bankruptcy in 2020 — before Boohoo beat him to it.
Boohoo is likely to resist Mr Ashley’s demands and raise conflict of interest concerns, due to Frasers’ ownership of House Of Frasers.
In a terse statement, the retailer said yesterday: “The board is reviewing the content and validity of the requisitions with its advisers. A further announcement will be made in due course.”
Business analysis
MIKE Ashley is not one for the quiet life.
His motive for putting so much of Frasers Group cash into Boohoo initially appeared to be point-scoring against founder Mahmud Kamani.
Ashley, who has taken stakes in high street names like he’s placing bets at the Grand National, still reckons Kamani did him over in the battle to buy Debenhams.
So purchasing Boohoo shares on the cheap was like rubbing salt in Kamani’s wound that the retailer’s star had fallen.
A winning scenario for him now will be either he is installed in Boohoo and manages to sort out the company while making some cash thanks to an improved share price.
Or, Boohoo crumples and his score with Kamani will have been settled.
To Mike Ashley, retail is now almost a sport.
Odey rejoins firm
HEDGE fund manager Crispin Odey has rejoined the eponymous firm he founded after leaving last year in the wake of sexual misconduct allegations.
The tycoon made millions betting against the UK economy during Brexit — but his empire unravelled when the Financial Times reported complaints from several women of sexual harassment and assault.
Mr Odey was reappointed as a director of Odey Asset Management in late September, according to Companies House filings.
On the same day, nine partners resigned.
Barclays boosted
PROFITS at Barclays have risen by nearly a fifth as fewer people fall behind on debts.
Barclays is putting £82million aside for bad loans, a big drop from £267million last year.
The bank said that was due to “low delinquencies in UK cards, high-quality mortgage lending and the improved macroeconomic portfolio”.
Pre-tax profit was £2.2billion between July and September, up from £1.9billion last year.
Net interest income, the gap between borrower and saver charges, was £1.7billion.
Cost cutting and deals also helped.
Octopus bulb pay
OCTOPUS ENERGY says the Government has made £1.5billion from its rescue of bust energy supplier Bulb.
The windfall has been largely helped by falling wholesale energy prices.
Two years ago the Office for Budget Responsibility warned a bailout would cost taxpayers £6.5billion.
Octopus said it has paid over £3billion to the Government, which took Bulb into special administration.
The firm has overtaken British Gas as the biggest UK electricity supplier.
Magnum force at Unilever
UNILEVER has toasted its best growth in three and a half years as the Marmite to Magnum manufacturer’s turnaround takes shape.
Boss Hein Schumacher said his plan, which cuts 7,500 jobs, focuses on “doing fewer things, better”.
Underlying sales grew 4.5 per cent in the fourth quarter.
Investors were cheered by the fact the consumer goods giant is finally selling more goods, rather than just relying on endless price hikes.
Mr Schumacher said plans were on track to next year spin-off the £15billion ice cream wing, which includes Magnums — as promoted by Iggy Pop — Cornettos and Ben & Jerry’s.
A stock market listing is the preferred option, and there will be a tussle between London and Amsterdam to be the venue for the float.
The ice cream unit grew sales 9.8 per cent in the last quarter, faster than any other division.
Stocks shake-up
A PROTEIN shake business that counts Coleen Rooney as an investor went public yesterday in a rare London stock market listing.
Applied Nutrition was valued at £350million after listing its shares at 140p, nearer the bottom of its price range.
It is one of the biggest stock listings of 2024 as the number of firms floating has fallen by 85 per cent to just nine this year, said Dealogic data.
The supplements firm’s founder Thomas Ryder said: “This positions us ideally for our next step of development.”
Dunelm’s booming
DUNELM has reported a 3.5 per cent rise in sales to £403million in the last quarter despite “volatile trading conditions”.
The home furnishings retailer said it had a boost from younger online customers after launching a student discount campaign.
The budget blues
CONSUMER and business confidence is falling ahead of the Budget, according to a trio of closely followed studies.
The GFK consumer index has fallen to its lowest level since March, dragged down by worries about the wider economic situation.
GfK’s Neil Bellamy said: “Consumers are in a despondent mood.”
Meanwhile, a consumer sentiment survey by PWC recorded the biggest quarterly drop since Spring 2022.
And the CBI said manufacturers’ confidence had dropped due to a slowdown in new orders.
Money
The Sun’s top team of experts answer your Winter Fuel questions
THE SUN’S top team of experts are still helping people with their Winter Fuel questions – but here we’ve put together a rundown of readers’ most frequent queries.
Q: IF I already receive Pension Credit, will I get the Winter Fuel Payment this year?
A: Yes – if you are in receipt of Pension Credit, the Winter Fuel Payment is made automatically.
Most payments arrive in November or December.
You should receive a letter telling you how much you’ll get and which bank account it is being paid into.
If you don’t get a letter, or the money has not been paid in by January 29, contact the Winter Fuel Payment helpline on 0800 731 0160.
Q: I AM receiving Pension Credit. How do I get cheaper water?
A: If you have a water meter and claim certain benefits, including Pension Credit, you may be eligible for the WaterSure scheme.
It would mean your water bills are capped at a lower rate.
Speak to your water company to ask for help.
Q: HOW do I get a cheaper council tax rate? I am on Pension Credit.
A: You may be able to get a discount depending on what version of Pension Credit you receive.
If you get the guaranteed element, then you will be entitled to the maximum discount.
If you get the savings element, then the discount will be lower.
You need to speak to your council directly.
Q: I ALREADY receive Pension Credit. How do I get a free TV licence?
A: You can apply for a free TV licence if you are over 75 and receive Pension Credit.
Q: WHAT energy bill help does Pension Credit entitle me to?
A: You may be eligible for the £150 Warm Home Discount if you get the guaranteed element of Pension Credit.
Your energy firm may also be able to offer you a grant to help pay for energy.
You should call them and ask for help.
Q: IF my income is over the Pension Credit threshold, could I still get the benefit?
A: Potentially, yes. You may still be able to get Pension Credit if you receive other benefits, such as Disability Living Allowance, Attendance Allowance or PIP.
You may also be eligible if you have high housing costs, such as service fees.
But the rules are very complex.
You should do a comprehensive benefits check through Age UK.
Q: DO other benefits count as income when it comes to qualifying for Pension Credit?
A: Some do. State Pension and Industrial Injuries benefit are taken into account (i.e. they reduce entitlement to Pension Credit).
Other benefits – disability benefits such as Attendance Allowance – are disregarded, but can mean in some cases that you can get more Pension Credit.
Q: I’M struggling with my energy bill but not eligible for Pension Credit. Can I get help?
A: Speak to your supplier as many have funds for customers who are struggling or on low incomes.
If you are not on a fixed tariff, it may be worth considering one.
Compare tariffs using uswitch.com or moneysavingexpert.com.
Q: CAN I claim Pension Credit individually if I live with a partner, when I’m eligible based on my own sole income?
A: For Pension Credit claims, if you are single then you claim as a single person.
If you have a partner with whom you share a home then one of you must claim and provide details of your partner.
The combined household income is then assessed.
Both of you need to be over State Pension age.
However, you may be eligible to claim Universal Credit instead.
Q: IF I apply for Pension Credit now, will I get the Winter Fuel Payment?
A: Pension Credit claims can be backdated, if you request it, by up to three months – so you have until December 21 to apply.
This is because you need to be claiming the benefit in the qualifying week of September 16-22, 2024.
Q: HOW can you check if you are eligible for Pension Credit?
A: To apply, phone the DWP on 0800 99 1234 or visit www.gov.uk/pensioncredit/how-to-claim.
Money
Pay rise for millions of grandparents as state pension and benefits set to increase next year – how much will you get?
MILLIONS of grandparents are in line for a pay boost next year which could see them hundreds of pounds better off.
The state pension increases every year in order to keep pace with the rising cost of day-to-day items such as food and household bills.
It is set to rise by 4.1% from next April, under what is known as the triple lock guarantee.
This system puts up the state pension rate in line with whatever is highest of wages for May to July, 2.5% or September’s inflation figures.
Employee wages grew by 4.1% in the three months to July, while the UK’s rate of inflation was 1.7% in September.
This means that the State Pension will increase from £221.20 a week to £230.30.
And a yearly rise from £11,502 to £11,975 – a £473 increase.
Only those who receive the full new state pension will get this amount.
How much an individual will get depends on their national insurance record and the number of qualifying years they have.
You need 35 years of national insurance contributions to qualify for the full state pension.
Caring for children or providing care may also give you equivalent credits which count towards your national insurance record.
Older pensioners who reached age 66, the state pension age, before April 2016 will get a weekly rise from £169.50 to £176.45.
Over the course of a year this would take their income from £8,814 to £9,175.40 a year.
These increases are expected to be confirmed by the Chancellor in her Autumn Statement.
Retirees on certain benefits such as Pension Credit and Attendance Allowance will also see their income boosted.
How does the state pension work?
AT the moment the current state pension is paid to both men and women from age 66 – but it’s due to rise to 67 by 2028 and 68 by 2046.
The state pension is a recurring payment from the government most Brits start getting when they reach State Pension age.
But not everyone gets the same amount, and you are awarded depending on your National Insurance record.
For most pensioners, it forms only part of their retirement income, as they could have other pots from a workplace pension, earning and savings.
The new state pension is based on people’s National Insurance records.
Workers must have 35 qualifying years of National Insurance to get the maximum amount of the new state pension.
You earn National Insurance qualifying years through work, or by getting credits, for instance when you are looking after children and claiming child benefit.
If you have gaps, you can top up your record by paying in voluntary National Insurance contributions.
To get the old, full basic state pension, you will need 30 years of contributions or credits.
You will need at least 10 years on your NI record to get any state pension.
The increase will be different for each one.
Here we explain how it will work.
Pension Credit
Retirees who are on a low income can see it boosted via Pension Credit.
The benefit is also set to rise in line with July’s wage data at 4.1%.
Pension Credit is set to rise from up to £218.15 a week to £227.09 if you are single or from £332.95 to £346.60 for couples.
To be eligible for Pension Credit your income must be lower than these thresholds.
You could also get the “Savings Credit” element of Pension Credit if you meet both of the following criteria:
- You reached State Pension age before 6 April 2016
- You saved some money for retirement, for example through a personal or workplace pension.
At the moment you will get up to £17.01 a week if you are single but this could rise to £17.69 from April.
Meanwhile, couples currently get up to £19.04 a week but this could be boosted to £19.82 from next year.
The exact rise will be confirmed by the Government next week.
You may also be able to get a top-up amount if you are caring for someone else or you are disabled.
You can apply online through the government website if you have already completed a claim or your State Pension.
To do so you will need your national insurance number, information about your income, savings and investments and bank account details.
Alternatively you can apply by phone by calling the Pension Credit claim line on 0800 99 1234.
Another option is to apply by post.
To do so you will need to print out and fill in the Pension Credit claim form or call the Pension Credit claim line to request a form.
Send it to: Freepost DWP Pensions Service 3.
Attendance Allowance
Attendance Allowance helps with extra costs if you are above the state pension age and have a disability severe enough that you need someone to help look after you.
To get the benefit you must have reached the state pension age and meet the following criteria:
- Have a physical disability (including sensory disability, such as blindness), a mental disability (including learning difficulties) or both
- Your disability is severe enough that you need help caring for yourself or someone to supervise you
- You have needed that help for at least six months
- Have been in Great Britain for at least two of the last three years
- Be habitually resident in the UK, Isle of Man or the Channel Islands
You cannot get Attendance Allowance if you live in a care home and your care is paid for by your local authority.
But you can still claim Attendance Allowance if you pay for all of your care home costs yourself.
Attendance Allowance is paid at two different rates and how much you can get depends on the level of care that you need due to your disability.
The lower rate is currently worth £72.65 a week.
From next April the payments may rise to £75.63 – an increase of £2.98.
The higher rate is worth £108.55 a week and could rise to £113 – a boost of £4.45.
You can apply for Attendance All online or by post.
You will need your national insurance number, address, contact details, details of your health condition or disability and information about your GP surgery or medical centre.
To apply by post you will need to download the Attendance Allowance claim form from the Government website or contact the helpline to request a claim form.
Send the completed form to: Freepost, DWP Attendance Allowance.
If you think you are eligible then it is worth applying as you could also get other benefits such as extra Pension Credit, Housing Benefit or a Council Tax Reduction.
If you need help completing the form then contact your local Citizens Advice.
How do I claim the state pension?
The state pension is not paid automatically – you must claim it once you are eligible.
You should get a letter no later than two months before you reach state pension age, which will explain what you need to do.
You can find out more information on the Gov.uk website.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Exact tiny ‘mark’ missing from rare 50p coin sold for 200 times its value & what it means if you have one
A RARE 50p coin, sold for 200 times its usual value, had a particular tiny “mark” missing – but what does this mysterious mark mean?
The King Charles Atlantic Salmon 50p was advertised as having “no privy mark” on eBay.
It later sold for a whopping £102 following 23 bids from eager collectors.
A privy mark is a tiny crown symbol stamped onto some coins on the “heads” or “obverse” side – or on the rim.
In the case of the King Charles Atlantic Salmon 50p, first minted in 2023 in celebration of Charles‘ ascension of the throne, the privy mark is a small Tudor crown.
It can be spotted just behind the King’s head.
Only a small number of coins in circulation have a privy mark, as they’re only etched onto coins produced for special occasions – such as coronations and jubilees – and for collector’s editions.
The limited number of coins with privy marks means they have greater collectability factor – and are generally more valuable.
But, confusingly, 2023 Atlantic Salmon 50p coins are actually more valuable without privy marks.
There were only 200,000 of these mark-less coins put into general circulation, making them even rarer than the Kew Gardens 50p – and therefore extremely valuable.
As well as the recent £120 sale, another example of the same coin sold for £110 this week.
By contrast, you quite easily can buy the version with a privy mark – which were never released into circulation – direct from the Royal Mint.
They are sold as part of “Definitive Annual Sets” for £34.
So, if you come across a King Charles Atlantic Salmon dated 2023 and without a privy mark in your loose change, you may just be in for a hefty profit.
In fact, a bag of these plain-looking coins sold this week for a huge £1,700 after a bidding war.
How to spot rare coins and banknotes
Rare coins and notes hiding down the back of your sofa could sell for hundreds of pounds.
If you are lucky enough to find a rare £10 note you might be able to sell it for multiple times its face value.
You can spot rare notes by keeping an eye out for the serial numbers.
These numbers can be found on the side with the Monarch’s face, just under the value £10 in the corner of the note.
Also if you have a serial number on your note that is quite quirky you could cash in thousands.
For example, one seller bagged £3,600 after spotting a specific serial number relating to the year Jane Austen was born on one of their notes.
You can check if your notes are worth anything on eBay, just tick “completed and sold items” and filter by the highest value.
It will give you an idea of what people are willing to pay for some notes.
But do bear in mind that yours is only worth what someone else is willing to pay for it.
This is also the case for coins, you can determine how rare your coin is by looking a the latest scarcity index.
The next step is to take a look at what has been recently sold on eBay.
Experts from Change Checker recommend looking at “sold listings” to be sure that the coin has sold for the specified amount rather than just been listed.
What are the most rare and valuable coins?
Money
Just months for millions on Universal Credit to get £1.2k free cash with little-known account – you can start with £1
MILLIONS of Universal Credit customers have just months left to get up to £1,200 free cash thanks to a little-known account.
The Help to Save scheme is a government initiative designed to encourage those on benefits to save money.
The savings account gives people a bonus of 50p for every £1 they save over four years, up to a maximum bonus of £1,200.
Plus, since Help to Save is backed by the Government, all the savings in the scheme are secure.
The scheme was first launched in 2018 and last year it was extended to April 2025.
That means households have just seven months to sign up for one of the accounts.
READ MORE on HELP TO SAVE
Myron Jobson, Senior Personal Finance Analyst, at interactive investor (ii), told The Sun: “On paper, Help to Save is a great initiative to help instil a culture of savings among the nation’s most cash-strapped individuals. But for those who’ve felt the full force of the cost-of-living squeeze, the priority has been to stay above the breadline.
“If you are on a low income, the problem is that you have little, if anything, to spare to save at the end of the month. Many people make the mistake of trying to save when they are in debt, and yet the cost of debt for most usually vastly outweighs the gain of saving.
“For those who can afford it, a 50% savings bonus is too good a carrot to pass up.”
Savers can deposit between £1 and £50 a month into their account and will receive a government bonus – even if money has been withdrawn.
A 50p bonus is paid for every £1 saved, meaning that someone saving the maximum amount of £50 monthly can receive an extra £25 for free, which adds up to £300 in a year.
It means that someone saving £2,400 – the maximum amount they could deposit over four years – would receive a £1,200 bonus from the government.
While the scheme could still be extended past April, it’s worth bearing in mind that if you’re only just signing up though, you won’t get the headline amount.
Myron also pointed out that the bonuses are paid after the first two years and again at the end of the four years.
Myron said: “Remember, the bonuses are paid after the first two years and again at the end of the four-year period.
“As such, the first bonus of £175 would be paid two years from the account opening date, which would be in October two years later.”
So this means if you open an account before the end of the month you’ll get £175 in government bonuses – but this won’t be paid until October 2026 so do bear that in mind.
Although Myron did point out that those on a low income should consider whether saving is a priority if it would mean they would have “difficulty meeting outstanding debt commitments”, particularly priority debts such as council tax, as a result.
“In a perfect world, everyone would have at least three-to-six months’ worth of essential outgoings in savings,” he added.
So far the Treasury has not indicated whether or not Help to Save will be extended past April 2025 – The Sun has approached the department for this indication and will update this story when we hear back.
If the scheme does end next year, Myron says it is likely it will close to new applicants only, while existing account holders will still be able to reap the rewards until the government shuts it down entirely – similar to what happened to the Help to Buy ISA.
HMRC has confirmed that those who open a scheme before April next year will be able to continue to save into it for the full four years, so if you open an account now you’ll still get all the bonuses worth £1,200.
Sun Money has also asked the Treasury for more clarity on this too.
Figures released by the government in October 2023 revealed that almost 450,000 customers opened a Help to Save account between September 2018 and March 2023.
During that time, nearly £372.5million was paid into accounts.
How does Help to Save work?
Savers can deposit between £1 and £50 a month into their account and will receive a government bonus – even if money has been withdrawn.
A 50p bonus is paid for every £1 saved, meaning that someone saving the maximum amount of £50 monthly can receive an extra £25 for free, which adds up to £300 in a year.
It means that someone saving £2,400 – the maximum amount they could deposit over four years – would receive a £1,200 bonus from the government.
The bonus is paid directly into their bank account.
Keep in mind that don’t have to pay in each month if you don’t want to or can’t afford to.
You can put even just a couple of pounds in – it doesn’t have to be the maximum amount.
Account holders can also withdraw month whenever they like, but this means they might not be able to receive the full bonus before their account is closed.
You can save money in the account through a debit card, standing order or bank transfer.
The account will automatically close four years after you open it and you can’t apply for another one.
Anyone who closes the account before the four years are up, will miss the next bonus and won’t be able to reopen the account.
Who is eligible for a Help to Save account?
You can open a Help to Save account if:
- You are receiving Working Tax Credit
- You are entitled to Working Tax Credit and receiving Child Tax Credit
- You are claiming Universal Credit and you – with your partner if it’s a joint claim – earned £722.45 or more from paid work in your last monthly assessment period
If you get payments as a couple, you and your partner can apply for your own Help to Save accounts and will need to apply individually.
In most cases you will need to be living in the UK, except for a crown servant or their spouse or civil partner or member of the British armed forces or their spouse or civil partner.
You can keep your Help to Save account even if you stop claiming benefits during the four years it is open.
If you or your partner have £6,000 or less in personal savings, including in your Help to Save account, this will not affect how much Universal Credit you get.
How to apply for the scheme
You can apply online for an account through the government website.
You need a Government Gateway user ID and password to open an account, which you can create one as part of your application if you don’t already have one.
When applying, you will be asked for your UK bank details so make sure you have them to hand.
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Help to Save can encourage positive saving habits – no matter what you can afford to save – and the 50% government bonus payment can help savers when they need it most.
“It is quick and easy to apply online or via the HMRC app, just search ‘help to save’ on GOV.UK to find out more.”
Free cash schemes if you’re struggling
Many of us are still struggling with the high cost of living – but there’s help you can get.
New or expectant parents can get up to £442 a year to spend on food through Healthy Start scheme.
Some new parents can get £500 via the Sure Start Maternity Grant. The money is designed to help you cover the costs of having a child.
Councils also offer support through the welfare assistance schemes, to help cover the costs of essentials, from buying new furniture to food vouchers.
The amount you can get varies but an investigation by The Sun found that hard-up Brits can apply for help worth up to £1,000.
Discretionary Housing Payment is a pot of money handed out by councils to those struggling to keep a roof over their heads.
A scheme is available for those who find themselves unable to cover housing costs, though the exact amount varies as each local authority dishes out the cash on a case-by-case basis.
Many energy forms offer grants to help cash-tight customers. The exact amount varies depending on your supplier and you circumstances, but could be as much a £2,000.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
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