Nationwide Building Society has issued a statement about expanding the eligibility for its £1,200 bonus scheme, with 1.5 million more people set to become eligible for the extra payments.
The mutual released the update after the Government announced it will open up eligibility for Help to Save, a savings account where savers receive a 50 per cent bonus on the money they put in. Savers can deposit up to £50 a month and receive up to £1,200 in bonus money over four years. Currently, only people on Universal Credit who are in work can sign up, but these rules will change soon.
Changes from 2028
Starting in 2028, anyone receiving the childcare or caring element of Universal Credit can open an account, even if they are not working. From the same year, banks and building societies will also be allowed to offer the accounts directly to their customers, as the programme moves to a 'multi-provider model'.
Currently, HMRC runs the scheme alongside NS&I, the state-owned provider behind Premium Bonds.
Nationwide statement
When asked if it plans to offer Help to Save to its customers, a Nationwide spokesperson said: "Building a savings nest egg and strengthening financial resilience is important, particularly for those on lower incomes. The Government's plans for Help to Save are an encouraging step in helping more people develop regular savings habits, and we look forward to reviewing the detail of the proposals as they develop."
HMRC said the Government is working on setting up the updated scheme. The full design and any legislation that is needed still be finalised. More details will be published before the changes come in from 2028.
How does Help to Save work?
Here is what you need to know about how the scheme currently operates:
- Who can apply: You must live in the UK and receive Universal Credit, with you or your partner having earned at least £1 in take-home pay during your last assessment period.
- Couples: Couples on Universal Credit can each individually hold an account. You must apply separately if you want to do this.
- Paying in and taking out: You can put in up to £50 a month. You are allowed to take money out early if you need to without losing your right to bonuses.
- How bonuses work: You get two tax-free bonuses over four years. The first comes after two years and pays 50 per cent of the highest amount you managed to save. The second comes after four years and pays 50 per cent of the difference between your highest balance in the first two years and your highest balance in the final two years.
- Maximum payout: If you save the full £50 every month for four years, you will deposit £2,400 in total and earn the maximum £1,200 bonus. This will include a £600 bonus at the two-year mark and £600 at the end.
Government data shows that over 90 per cent of account holders save the maximum £50 each month, with more than 650,000 accounts opened up as of April 2026. You can apply to open an account on the Government website.
