Brits are being encouraged to check a savings scheme that could boost their income by hundreds of pounds per year. Help to Save is a savings account for eligible Brits on Universal Credit, with HMRC adding 50p to every £1 saved.
How the scheme works
People can save up to £50 a month, and the scheme runs for up to four years. Over that period, eligible Brits can save up to £2,400, with a £1,200 boost from HMRC. These boosts are paid at the end of the second and fourth years, based on how much has been saved.
More than £300 million in bonus payments has been paid out through Help to Save, according to HMRC. The tax authority posted on X: "Looking for a simple way to boost your savings? More than £300 million in bonus payments has been paid out through Help to Save. This #UKSavingsWeek, see if you could benefit too. It only takes a few minutes to check your eligibility and open an account online."
Eligibility and expansion
A Help to Save account can be opened by someone on Universal Credit if they have taken-home pay of £1 or more in their last monthly assessment. In 2028, the scheme will be open to all Universal Credit claimants, resulting in an additional 1.5 million households becoming eligible.
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."
Account details and rules
More than 656,700 Help to Save accounts have been opened since September 2018, with savers depositing a total of £676.7 million. Of those who have opened an account, 94% have saved the maximum amount of £50 each month.
Applicants must also be living in the UK. An account application for someone living overseas can be made if they are either a crown servant or a member of the British armed forces. You can pay money into your Help to Save account by debit card, standing order or bank transfer, but do not have to pay in every month. You can withdraw money from your Help to Save account to your bank account.
The Help to Save account will close four years after it is opened. You will not be able to reopen it or open another Help to Save account, but will keep the money from your account. You can close your account at any time. If you close your account early, you will miss your next bonus and you will not be able to open another one. If someone stops claiming benefits, the Help to Save account can be kept in use.
