More than £300 million paid out through Help to Save with thousands…

More than £300 million paid out through Help to Save with thousands more savers set to benefit

• More than £300 million has been paid out to people on a low income through Help to Save.
• Eligibility for Help to Save will be expanded from 2028, so more people than ever before can benefit from the government savings scheme.
• More than 656,000 people on a low income have opened a Help to Save account.

With more than £300 million having been paid out in bonus payments, and thousands more people set to be eligible for an account through the Help to Save scheme, HM Revenue and Customs (HMRC) is kicking off UK Savings Week by reminding people who can benefit.

Help to Save is a government savings scheme offering low-income earners a 50% bonus on whatever they can save. Between £1 and £50 can be saved each month with an extra 50 pence added for every £1 saved.

Accounts can be open for up to 4 years, and people can save up to a maximum of £2,400, resulting in up to £1,200 government savings bonus being paid straight into their bank accounts. Bonus payments are made at the end of the second and fourth years and are based on how much has been saved.

In 2028, the earning criteria will be removed for people with caring responsibilities. The scheme will be open to all Universal Credit claimants, resulting in an additional 1.5 million households becoming eligible.

Latest figures show 656,700 Help to Save accounts have been opened since September 2018, with savers depositing a total of £676.7 million into their savings pots.

Statistics also show that 94% of those who have opened a Help to Save account save the maximum amount of £50 each month.

Economic Secretary to the Treasury Lucy Rigby said:

“Help to Save is a really beneficial scheme that offers a 50% government bonus on whatever you are able to save. We want more eligible people to take advantage of it.”

The scheme will also be more accessible as it will be delivered through a multi-provider model, instead of just one, so banks, building societies and credit unions will be able to offer the scheme directly to their eligible customers.

Peter Tyler, Director of Personal Banking at UK Finance, said:

“Expanding Help to Save and enabling more financial services providers to offer the scheme directly is a positive step towards helping people build financial resilience. The scheme provides eligible customers with a great opportunity and incentives to develop regular savings habits.”

Money can be paid into Help to Save accounts via debit card, standing order or bank transfer.

In the last year, nearly 24,000 people have chosen to open a Help to Save account via the HMRC app where they can keep track of deposits and view bonus payments.

It takes just a few minutes to check eligibility and open an account online on GOV.UK or via the HMRC app.

Money can be withdrawn at any time, although this may affect the 50% bonus payments.

Find out more about Help to Save at GOV.UK.

Notes 

1. Latest statistics on Help to Save up to April 2026 were released 16 September 2026.

2.

3. Help to Save was launched in September 2018 and was originally due to end in September 2023. It was extended to April 2025 and then April 2027, but has now been made permanent.

4. In April 2025, eligibility criteria was expanded to include all working Universal Credit claimants, meaning an additional 550,000 people are eligible to open an account.

5. How the bonus payments work:

• after the first 2 years, customers will get a first bonus if they have been using their account to save. This bonus will be 50% of the highest balance saved.

• after 4 years, they will get a final bonus if they continue to save. This bonus will be 50% of the difference between 2 amounts:- the highest balance saved in the first 2 years (years 1 and 2)
  – the highest balance saved in the last 2 years (years 3 and 4)

• if their highest balance does not increase, they will not earn a final bonus.

• the bonus is paid into their bank account, not their Help to Save account.

SOURCE: HM Revenue