HMRC has explained who can get the cash and when the money will land in accounts
HM Revenue and Customs (HMRC) has declared that an increased number of families on Universal Credit will now be able to benefit from a scheme that could make them up to £1,200 richer. The measure, initially temporary, has been made permanent, with HMRC announcing that from April 2028, as many as 1.5 million additional families will qualify under expanded eligibility criteria.
Chancellor Rachel Reeves confirmed the permanence of the Help to Save scheme during last week’s Budget announcement, despite it being due to conclude in 2027. HMRC subsequently posted on X, formerly known as Twitter : “Help to Save is here to stay – and more families can benefit.
“The scheme has been made permanent, and from April 2028, up to 1.5 million more families will be eligible thanks to expanded criteria. That means more support for those on low incomes, including people on Universal Credit with caring responsibilities.”
The latest figures from HM Revenue and Customs (HMRC) show that nearly half a million people on low incomes have already pocketed over £220 million in bonus payments through the Help to Save programme, with bonuses amounting to as much as £1,200. Current data from the Department for Work and Pensions (DWP) indicates that around 8.3 million people are claiming Universal Credit, suggesting millions could potentially benefit from this initiative.
Help to Save, a scheme initiated by the UK Government, aims to encourage savings among those on lower incomes by offering a 50% bonus on their saved money. Participants can deposit anywhere between £1 and £50 each month, earning an additional 50p for every £1 they save, reports Hull Live.
If savers manage to squirrel away the maximum amount of £2,400 over a four-year period (£50 per month), they’ll be rewarded with a total bonus of £1,200, which will be transferred into their bank accounts at the end of the second and fourth year.
A significant proportion of customers, approximately one in five, have chosen to open a Help to Save account via the HMRC app, which allows users to monitor their deposits and view their bonus payments.
Deposits into Help to Save accounts can be made through various methods including debit card, standing order or bank transfer. Withdrawals are allowed at any time, but it’s worth noting that this could impact your bonus.
