The Help to Save scheme is a UK government-backed savings account that offers low earners a cash bonus of 50p for every £1 saved. With millions missing out on this valuable opportunity, HM Revenue and Customs is urging eligible individuals to sign up and build a financial safety net.
What is the Help to Save Scheme?
Help to Save is designed to encourage low-income workers to save regularly. Account holders can deposit up to £50 each month, and the government adds a 50% bonus on the highest balance saved. The bonus is paid at the end of the second and fourth years. Over four years, you can save a maximum of £2,400 and earn a total bonus of £1,200.
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Who is Eligible for Help to Save?
Currently, the scheme is aimed at working people who receive Universal Credit. However, the government has announced that eligibility will expand to include parents and carers on Universal Credit from 2028. To qualify, you must be receiving Universal Credit and have earned income from employment in the relevant tax year.
Why Millions Are Missing Out
Despite the attractive 50% return, take-up of the scheme remains low. According to the debt charity StepChange, millions could be missing out on a valuable opportunity to build a financial safety net. Recent figures show that only 656,700 Help to Save accounts have been opened since September 2018, with total deposits of £676 million. Notably, 94% of account holders save the maximum £50 per month.
How to Sign Up and Start Saving
Signing up is straightforward. You can apply online through the official government website. Once your account is open, you can set up a standing order or make manual deposits. The bonus is calculated based on your highest balance, so even if you withdraw funds, you can still earn a bonus on the peak amount.
Key Benefits of Help to Save
- 50% bonus on your savings, up to £1,200 over four years.
- Flexible deposits – save between £1 and £50 per month.
- No impact on benefits – savings and bonuses don't affect Universal Credit.
- Easy access – withdraw money anytime without losing bonuses earned.
Help to Save vs. Regular Savings Accounts
Compared to typical savings accounts, Help to Save offers a significantly higher return. The table below compares the potential earnings over four years.
| Feature | Help to Save | Regular Savings Account |
|---|---|---|
| Interest/Bonus Rate | 50% bonus on highest balance | ~5% AER (variable) |
| Maximum Deposit | £50/month | No limit |
| Maximum Bonus/Interest (4 years) | £1,200 | ~£240 (on £2,400) |
| Eligibility | Universal Credit recipients | Open to all |
Expert Opinions and Government Push
Lucy Rigby, Economic Secretary to the Treasury, emphasized the scheme's value: "Help to Save is a really beneficial scheme … We want more eligible people to take advantage of it." The government is actively promoting the scheme during UK Savings Week to raise awareness.
FAQ
What is the maximum bonus I can earn with Help to Save?
The maximum bonus is £1,200 over four years, based on saving £50 per month.
Can I withdraw money from my Help to Save account?
Yes, you can withdraw money at any time. However, the bonus is calculated on your highest balance, so withdrawals may reduce future bonuses.
Does Help to Save affect my Universal Credit?
No, savings and bonuses from Help to Save do not affect your Universal Credit payments.
With its generous 50% bonus, Help to Save is a no-brainer for eligible low earners. Don't miss out on free cash – sign up today and start building your financial safety net.
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