This is such clickbait. You lose the 25% government bonus that’s given to you if you withdraw it, and only from the withdrawn amount, but it is still taken out of your £4,000 tax-free allowance for THAT year. Say you deposit £4,000 at the start of the tax year, you’d get £1,000 government bonus, but if you withdraw £1,000, you also lose the £250 bonus, leaving you with £3,000 + £750 bonus. But you cannot deposit any more tax-free money into those savings, because you’ve used up your £4,000 tax-free allowance. That’s why the video is so vague about the “penalties” - nobody gets fined for doing this.
Yeah absolutely awful they do this to people
wtf 😂 The greed is unreal. Its YOUR money. What have Boomers done! back in their day the bank paid YOU to store your money.
SMFH.
This country is done.
It was done, well done, but now it's overcooked and burnt to a crisp.
What fresh Heck kind of "news format" is this?
It's like an infomercial or at worst a paid advertorial.
This is such clickbait. You lose the 25% government bonus that’s given to you if you withdraw it, and only from the withdrawn amount, but it is still taken out of your £4,000 tax-free allowance for THAT year.
Say you deposit £4,000 at the start of the tax year, you’d get £1,000 government bonus, but if you withdraw £1,000, you also lose the £250 bonus, leaving you with £3,000 + £750 bonus. But you cannot deposit any more tax-free money into those savings, because you’ve used up your £4,000 tax-free allowance.
That’s why the video is so vague about the “penalties” - nobody gets fined for doing this.