Help to Save is a government-backed savings programme intended to encourage lower-income earners to build up financial reserves. It rewards regular saving by providing a bonus representing 50% of deposits, up to a maximum of £1,200 over four years.
The scheme is managed by HMRC and forms part of wider efforts to address financial vulnerability in the UK. Introduced in 2018, Help to Save initially operated as a time-limited project.
However, it has now been established as a permanent fixture. According to HMRC guidance, participants can open an account, deposit savings regularly, and earn the government bonus on their accumulated balance.
Eligibility Criteria for Applicants
Eligibility is primarily based on receipt of specific benefits. To qualify, individuals must either be entitled to Working Tax Credit, be receiving Universal Credit with income above a particular threshold, or be in households that meet similar conditions.
Households with caring responsibilities, such as carers or those supporting disabled family members, may also be eligible if they receive the relevant benefits.
HMRC recommends checking eligibility through its official portal, as minor variations may apply depending on individual circumstances.
Recent Policy Changes and Permanency
Recent government policy has made Help to Save a permanent support measure for those on lower incomes. Previously, the scheme had a limited operational timeframe and was subject to periodic extension. The decision to make it ongoing reflects the government’s recognition of persistent financial challenges facing households.
From April 2028, expanded eligibility criteria are set to include up to 1.5 million additional households. Detailed guidance on these changes will be issued by HMRC nearer the implementation date, allowing more families the opportunity to access support.
How the Savings Bonus Works
Participants can save up to £50 per month in their Help to Save account. Every two years, savers receive a government bonus of 50% on the highest balance achieved during the period.
This means that over four years, a person depositing the maximum amount could receive up to £1,200 in bonus payments. The bonus is paid directly into the saver’s bank account, while funds can be withdrawn at any time. The scheme encourages consistent saving habits, providing a direct financial incentive.
Support for Universal Credit Recipients
The scheme offers particular benefits to those receiving Universal Credit, including individuals with part-time employment or caring responsibilities. The government aims to make saving more accessible for this group, who may otherwise face barriers to financial security.
Chancellor Rachel Reeves said the government is determined to “support working families on lower incomes and help people build up savings for the future.” Efforts to promote participation among Universal Credit claimants are ongoing, with targeted communications and guidance provided.
Guidance on Accessing the Scheme
Eligible individuals can apply for the Help to Save scheme through the official government website. The process requires authentication and confirmation of benefit status.
HMRC advises potential applicants to review their situation annually, as changes in benefit status may influence eligibility. Support is available through government helplines and online resources, ensuring that all interested households can access clear, up-to-date information.
Final Summary
The Help to Save scheme represents a significant measure in the government’s effort to bolster financial resilience among working families on low incomes.
The permanent status of the scheme and upcoming expansion in eligibility from April 2028 mean that as many as 1.5 million additional households could gain access to savings bonuses of up to £1,200.
Applicants are encouraged to check their current eligibility and consider enrolling to take advantage of this government support. For ongoing news on savings schemes and eligibility requirements, the Pie app provides easy access to official guidance and updates.
