Issue 30 - Eastlands Homes

Money Matters
Saving Gateway
– what it is and who qualifies
From July 2010, there will be
a new government supported
cash saving scheme called the
'Saving Gateway'. It's for people
of working age who are on
lower incomes, and aims to help
kick-start a saving habit. The
government will add 50 pence
for each £1 saved into Saving
Gateway accounts.
How will the accounts work
If you are eligible for a Saving
Gateway account you will
automatically be sent a letter
of invitation, an information
booklet and a list of providers by
HM Revenue & Customs. You
will then be able to approach
an approved Saving Gateway
provider of your choice. This will
be sent if you are in receipt of
a qualifying benefit.
More information about the
Savings Gateway Account is
available from the Financial
Inclusion Officer at your local
housing office.
12
Basic bank account
A bank account is now
essential to everyday life;
yet one in 12 households –
2.8 million adults - in the UK
still don't have one. Opening
a bank account offers many
advantages.
• Have your wages, benefits,
State pension or tax credits
paid directly into your
account;
• Pay in cheques for free (but
remember you will have to
wait a few days before the
money is available for you to
spend);
• Take money out at cash
machines with a cash card
(this is usually free, but some
cash machines make a
charge);
• Withdraw money at the Post
Office ® and
• Pay your bills by direct debit
– meaning you could pay less
for some things – especially
gas, electricity or telephone.
Some banks will also let you
pay by standing order.
Credit Union Current
accounts
Manchester Credit Union offer
savings and loan facilities as well
as basic bank accounts.
• The current accounts are ideal
if you need a bank account
that is easy to manage, and
won’t hit you with huge
hidden charges. There is
a £1.00 weekly charge for
holding the account.
• It may be that you’ve been
unable to open an account
due to poor credit, or low
income.
• You need to be member of
Manchester Credit Union with
a minimum of £5.00 in your
savings account to open an
account.
If you would like further
information or help to set up
an account please contact the
Financial Inclusion Officer at
your local housing office.
Spending too much on
your bills
Money can be saved on utility
bills by switching provider
according to individual needs.
Considering dual fuel is more
likely to save money for both gas
and electric.
If you think you are paying too
much on your utility bills you
can check various competitive
rates on different online
websites. Eastlands Homes do
not recommend any particular
company but some of the useful
ones can be found online are:
Money savings expert
- 0845 345 5708
Moneysupermarket.com
- 0845 345 1296
Uswitch.com - 0800 404 7961
Comparethemarket.com
Gocompare.com
The online service is very simple
to use. It can be searched by
using your post code. The
search will identify the energy
supplier’s appropriate tariffs for
the householders need. If you
have no access to internet you
can ring them directly for a quote
and they will find the appropriate
tariff for your need.