Help to Save scheme expanded to an extra 1.5m people

The government is expanding its Help to Save scheme to help more people on low incomes boost their savings.

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.

The government has also confirmed that Help to Save, which was due to end in 2027, will be made permanent.

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.