The UK Government’s Help to Save scheme has reached a major milestone, distributing £220 million in bonus payments to low-income individuals. As the scheme extends until 2027, more Universal Credit claimants are now eligible to benefit from its 50% savings bonus, providing an opportunity to build financial resilience in a challenging economic landscape.
Launched in 2018, the scheme has already seen significant uptake, with a total of over 575,000 accounts opened across the UK. Now, following changes to eligibility, the scheme has expanded its reach, offering a lifeline to more individuals who can access the benefits of regular saving with minimal risk.
Help to Save: A Boost for Low-Income Families
The Help to Save programme, according to HM Revenue and Customs (HMRC), offers low-income earners a chance to save and receive a 50% bonus on the money they put aside. The initiative allows individuals on Universal Credit to deposit between £1 and £50 each month, with the government adding 50p for every pound saved. This means that savers can accumulate up to £1,200 in bonuses over four years by contributing the maximum allowable £2,400.
The scheme has already proven beneficial to over half a million participants, with 94% of those enrolled opting to deposit the maximum amount allowed. According to recent figures, a total of £588 million has been deposited into Help to Save accounts, showcasing the programme’s success.
“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,” said Economic Secretary to the Treasury, Lucy Rigby. “We’re committed to helping families build financial resilience and putting more money in the pockets of working people.”
Expanded Eligibility: More People Now Eligible
In April 2025, eligibility for the Help to Save programme was expanded to include all working Universal Credit claimants, increasing the number of people eligible by 550,000. This change followed the phased migration of claimants from legacy benefits to Universal Credit, which streamlined the process and made more individuals eligible for the scheme. Previously, only those receiving Universal Credit and working at least 16 hours per week at the National Living Wage could benefit.
The scheme’s extension through April 2027 ensures that those who were previously excluded can now begin saving and earning a government bonus. Myrtle Lloyd, Chief Customer Officer at HMRC, encouraged more people to take advantage of the programme: “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.”
