Overview
- Official data to April 2025 shows 575,200 accounts opened with £588.2 million deposited since the scheme launched in 2018.
- Savers get a 50% top-up on £1 to £50 saved each month, worth up to £1,200 in bonuses over four years.
- Eligibility widened in April 2025 to all working Universal Credit claimants, adding about 550,000 people and prompting 7,800 new accounts that month.
- HMRC is promoting sign-ups during UK Savings Week, with accounts opened in minutes on GOV.UK or via the HMRC app, which accounts for about a fifth of openings.
- Bonuses are paid at the end of years two and four based on highest balances, withdrawals can reduce payments, and 94% of account holders save the monthly maximum.