Could you benefit from government savings scheme?

People on low incomes are being encouraged to open a Help to Save account.

More than 656,000 accounts have been opened since September 2018, with 94% of those with an account saving the maximum amount of £50 a month.

So the government wants more people who could benefit from the scheme to sign up.

What is Help to Save?

Help to Save is a government savings scheme that lets people on low incomes get a 50% bonus on their savings.

Customers can deposit between £1 and £50 every month and get an extra 50p for every £1 they save.

So if you saved the maximum amount allowed each month, you’d add £1,200 to your savings.

The scheme is open to everyone on universal credit, but you can carry on saving into a Help to Save account even if you come off benefits. 

How do I sign up for Help to Save?

You can check if you’re eligible for Help to Save and open an account online either on GOV.UK or the HMRC app.

Help to Save being expanded in 2028

From 2028, parents and carers will be eligible to apply for an account.

This means an extra 1.5m people could benefit from the scheme.