HM Revenue & Customs has confirmed that the Help to Save scheme is now permanent, with expanded eligibility from April 2028 allowing up to 1.5 million more families to benefit. The scheme, aimed at working households on low incomes, offers a government-backed 50% bonus on savings over four years.
Savers can deposit between £1 and £50 per month, up to a maximum of £2,400 over four years, earning a potential bonus of up to £1,200. The government guarantees all deposits, making it a secure savings option.
For Universal Credit claimants, savings of £6,000 or less do not affect payments, and the bonus itself is not counted as income. Couples on Universal Credit may each open an account, provided they apply separately. If a claimant stops receiving benefits after opening the account, they can continue saving until the four-year term ends.
Withdrawals can be made at any time but may reduce the bonus, as the calculation is based on the highest balance achieved. Closing the account early forfeits future bonuses and prevents opening another Help to Save account. The scheme's permanence provides long-term certainty for low-income families seeking to boost their savings.
