Overview
- HMRC used a post on X to remind eligible Universal Credit recipients that they can apply for Help to Save and receive government bonus payments.
- Eligibility extends to people on Universal Credit or Working Tax Credit, with savings protected under the government-backed scheme.
- Account holders can save between £1 and £50 per calendar month without needing to deposit every month, and bonuses are paid into their regular bank accounts.
- Saving the monthly maximum over four years can yield up to £1,200 in bonuses, with the final payout based on any increase in the highest balance between the two two‑year periods.
- Since 2018 nearly half a million accounts have been opened with about £372.5 million deposited, and both HMRC and MoneySavingExpert’s Martin Lewis are urging wider take-up.