The government's Help to Save scheme has distributed over £300 million in bonus payments to low-income savers. The scheme, which offers a 50% bonus on savings, has seen more than 656,000 accounts opened since its launch in September 2018.
From 2028, the eligibility criteria for Help to Save will be expanded. The earning criteria will be removed for individuals with caring responsibilities, and the scheme will become open to all Universal Credit claimants. This change is expected to make an additional 1.5 million households eligible.
Currently, participants can save between £1 and £50 each month, receiving a 50% bonus on their highest balance saved after two years, and a further bonus after four years. Accounts can remain open for up to four years, potentially yielding a maximum government bonus of £1,200.
HM Revenue and Customs (HMRC) is promoting the scheme during UK Savings Week, encouraging eligible individuals to open an account. The scheme will also become more accessible as it transitions to a multi-provider model, allowing banks, building societies, and credit unions to offer it directly to their customers.