Overview

• Help to Save now runs until April 5, 2027, offering Universal Credit claimants a 50% bonus on savings of up to £50 per month, capped at £1,200 over four years.
• Eligibility has been expanded to include all Universal Credit claimants who earned at least £1 in their last assessment period, adding 550,000 potential participants.
• Participants can save flexibly, contributing between £1 and £50 monthly without mandatory deposits, and can withdraw funds as needed.
• Martin Lewis and HMRC have increased awareness of the scheme's benefits, emphasizing its accessibility and potential to build financial resilience for low-income households.
• Savings in Help to Save count toward the £6,000 limit for Universal Credit and Housing Benefit eligibility, which could impact benefits if exceeded.