Help to Save is a savings account run by the Government for people claiming Universal Credit
HMRC has revealed more than £220million in bonuses have been paid out through its Help to Save account.
Help to Save is a savings account run by the Government for people claiming Universal Credit. You can save between £1 and £50 each month and for every £1 you save, you get 50p back.
This marks an impressive 50% return on your savings. The account lasts four years with bonuses paid after the second and fourth year.
If you put away the maximum of £50 each month, you will have saved £2,400 by the end of the four years and received £1,200 in bonuses.
You can save less and still get a bonus – for example, if you put away £25 a month over two years, your bonus would be £600. The account automatically closes after four years.
Latest figures show that 575,200 people opened a Help to Save account between September 2018 and April 2025, with £588.2million paid into these accounts.
Of those who have opened an account, 94% deposited the maximum amount of £50 a month. Help to Save was due to close in September 2023 but has been extended until April 2027.
Anyone who claims Universal Credit can open a Help to Save account providing they earned at least £1 from work in your last monthly assessment period.
If you’re in a couple, you and your partner can both open separate Help to Save accounts. You can open your Help to Save account through GOV.UK or the HMRC app.
But keep in mind, if you have savings elsewhere, having a Help to Save account could potentially see your benefits reduced if you go over a certain threshold. Your Universal Credit claim can be reduced if you have more than £6,000 in savings.
If you have over £16,000 in savings, then you are not eligible for Universal Credit.
Myrtle Lloyd, HMRC Chief Customer Officer said: “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.”
Economic Secretary to the Treasury, Lucy Rigby, said: “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.”
