Hundreds of thousands of people receiving Universal Credit have been given a significant financial uplift, with new data revealing substantial bonus payments from a government savings initiative.
What is the Help to Save scheme?
According to fresh statistics from HM Revenue and Customs (HMRC), almost half a million individuals on low incomes have benefited from the Help to Save scheme, receiving bonus payments worth up to £1,200. This government-backed programme is specifically designed to help working people on lower incomes build their financial resilience through regular saving.
The scheme's reach has expanded significantly following a rule change earlier this year. The Department for Work and Pensions (DWP) confirms there are currently 8.3 million people claiming Universal Credit, with approximately three million working claimants now eligible for the scheme, which has been extended until April 2027.
How the savings scheme delivers for claimants
By the end of April this year, around 575,200 people had opened a Help to Save account, with 7,800 new accounts created in April 2025 alone. The scheme has proven particularly popular among diligent savers, with an impressive 94 per cent of users depositing the maximum £50 every month into their accounts.
Participants can save between £1 and £50 monthly and receive a generous 50 per cent bonus on their depositsbonus of £1,200, paid in two instalments at the end of the second and fourth years.
Lucy Rigby, Economic Secretary to the Treasury, commented: "The Government's Help to Save scheme has boosted the savings of over half a million people across the country to the tune of £220 million. We're committed to helping families build financial resilience and putting more money in the pockets of working people."
How to access your savings bonus
Setting up an account is straightforward and can be completed in minutes through the GOV.UK website or the HMRC app, with no initial deposit required. The accessibility has contributed to its success, with one in five account holders registering through the mobile application.
Myrtle Lloyd, HMRC's Chief Customer Officer, urged eligible households not to miss out: "Millions have been paid out to people who are putting aside whatever cash they can spare each month - so don't miss out on making the most of your savings. Go to GOV.UK to open your Help to Save account today."
Account holders can transfer money using debit card payments, standing orders, or direct bank transfers. While funds can be withdrawn at any time, doing so may affect the valuable 50 per cent bonus payments. The HMRC app allows users to conveniently monitor their contributions and check their bonus entitlements.
