HMRC shared an update on Wednesday
HM Revenue and Customs (HMRC) has announced that more families receiving Universal Credit can now take advantage of a scheme that could leave them up to £1,200 better off. The programme, which was originally temporary, has now been made permanent, and HMRC says that from April 2028, as many as 1.5 million additional families will qualify thanks to widened eligibility rules.
Chancellor Rachel Reeves announced during last week’s Budget that the Help to Save scheme, which had been due to end in 2027, would continue indefinitely. A recent post on X, formerly Twitter, from HMRC reads: “Help to Save is here to stay – and more families can benefit.”
The message continues: “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.”
Latest figures from HM Revenue and Customs (HMRC) show that almost half a million people on low incomes have already pocketed more than £220 million in bonus payments through the Help to Save scheme, with bonuses of up to £1,200 available. With current Department for Work and Pensions (DWP) statistics showing approximately 8.3 million people now receiving Universal Credit, millions stand to potentially gain from this programme.
Help to Save is a UK Government scheme designed to promote savings among low-income earners by offering a 50% bonus on their savings. Participants can deposit between £1 and £50 each month, earning an extra 50p for every £1 saved.
Those who save the maximum amount of £2,400 over four years (£50 per month) will receive a total bonus of £1,200, paid into their bank accounts at the end of the second and final year.
A fifth of customers have opened a Help to Save account using the HMRC app, which enables people to keep track of their deposits and view their bonus payments.
Deposits into Help to Save accounts can be made via debit card, standing order or bank transfer. Withdrawals can be made at any time, although this may affect your bonus.
