Overview

• The Help to Save scheme, launched in 2018, has been extended until April 2027, allowing more time for eligible individuals to open accounts.
• Eligibility has been widened as of April 6, 2025, allowing Universal Credit claimants earning at least £1 to participate, adding 550,000 more people to a total pool of 2.7 million.
• The scheme rewards savers with a 50% bonus on deposits, up to £1,200 over four years, with over £492 million in bonuses paid to date.
• A recent case study highlights the scheme's impact: a Universal Credit claimant saved £3,600 over four years, including £1,200 in government bonuses.
• Savings in Help to Save accounts do not affect Universal Credit or Housing Benefit payments unless total savings exceed £6,000.