More than half a million more people in line for savings boost
Thousands more are eligible to open a Help to Save account.
- Government鈥檚 Help to Save scheme now open to 550,000 more people to help with cost of living
- Those saving 拢50 a month can expect 拢25 Government top-up, putting more money in people鈥檚 pockets
- Part of Government鈥檚 mission to grow the economy and deliver on our Plan for Change
More than half a million more UK savers are in line for Government bonuses worth up to 拢25 a month to boost their cash pots and help ease rises in the cost of living, HM Revenue and Customs (HMRC) has announced today.
As part of the Government鈥檚 mission to grow the economy and improve lives in every corner of the UK and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit 鈥� rewarding 550,000 more people.
Its extension to April 2027 means more can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018.
This is evidence of the Government backing the most vulnerable in society with 93% of savers paying in the maximum 拢50 every month to their Help to Save account.
An account can be set up in less than 5 minutes and easily managed through 188体育 or the HMRC app, making it accessible to people throughout the UK.
Savers who deposit the maximum amount of 拢2,400 over four years will receive a bonus totalling 拢1,200 into their bank accounts, with payments coming at the end of the second and final year.
Emma Reynolds, Economic Secretary to the Treasury, said:
Security for working people is at the heart of our Plan for Change.
We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.
Myrtle Lloyd, HMRC鈥檚 Director General for Customer Services, said:聽
Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.
Savers can deposit between 拢1 and 拢50 each month earning an extra 50 pence for every 拢1 saved, with bonuses paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period.
Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users have access to their savings account at their fingertips. They can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order.
Money can be withdrawn at any time, although this may affect the 50% bonus payments.
Michelle Highman, Chief Executive of The Money Charity, said:
We are really pleased to see the Help to Save scheme extended and made available to more people. It鈥檚 a brilliant way for people to start to save and to build聽their financial resilience and futures. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it鈥檚 a great place to boost your savings.
Find out more about Help to Save at 188体育.
Further Information
- Latest statistics on Help to Save up to April 2024 were released in September 2024
| Number of Accounts Opened to end-April 2024 | Total value of deposits | |
|---|---|---|
| UK Total | 516,800 | 拢492,539,000 |
| England | 439,900 | 拢420,318,000 |
| North East | 22,750 | 拢20,668,000 |
| North West | 67,650 | 拢63,479,000 |
| Yorkshire and The Humber | 49,600 | 拢47,043,000 |
| East Midlands | 43,000 | 拢41,219,000 |
| West Midlands | 49,550 | 拢46,130,000 |
| East of England | 44,900 | 拢43,176,000 |
| London | 55,550 | 拢52,935,000 |
| South East | 60,500 | 拢57,563,000 |
| South West | 46,400 | 拢48,106,000 |
| Wales | 24,850 | 拢23,683,000 |
| Scotland | 36,050 | 拢33,584,000 |
| Northern Ireland | 15,650 | 拢14,700,000 |
Help to Save was launched in September 2018 and was due to end in September 2023. It was extended to April 2025 and has now been extended until April 2027.
Previous eligibility criteria meant savers had to be in receipt of Tax Credits or Universal Credit and be earning at least 16 hours a week at National Living Wage.
How the bonus payments work:
- after the first 2 years, customers will get a first bonus if they have been using their account to save. This bonus will be 50% of the highest balance saved.
- after 4 years, they will get a final bonus if they continue to save. This bonus will be 50% of the difference between 2 amounts:
- the highest balance saved in the first 2 years (years 1 and 2)
- the highest balance saved in the last 2 years (years 3 and 4)
- if their highest balance does not increase, they will not earn a final bonus.
- the bonus is paid into their bank account, not their Help to Save account.