Millions of people on Universal Credit are eligible for the scheme
New data from HM Revenue and Customs (HMRC) reveals that nearly half a million low-income individuals have benefited from over £220 million in bonus payments through the Help to Save scheme. These bonuses can reach up to a maximum of £1,200.
The Department for Work and Pensions (DWP) has disclosed that there are currently 8.3 million people on Universal Credit. However, many working claimants may not realise they could qualify for the Help to Save scheme, which can bolster their savings and foster financial stability for the future.
Thanks to a rule amendment earlier this year, approximately three million working Universal Credit claimants are now eligible for the Help to Save scheme, which will continue until April 2027. As of the end of April this year, around 575,200 people had opened a Help to Save account.
HMRC is urging more eligible households to take advantage of this opportunity. In April 2025 alone, a total of 7,800 accounts were opened, reports the Daily Record. Some 94 per cent of scheme users have deposited the maximum £50 every month into their Help to Save account.
Setting up an account is a quick and straightforward process – no immediate deposit is required – and it can be easily managed via GOV.UK or the HMRC app, making it accessible to people across the UK. Brits who contribute the maximum £2,400 over four years – equivalent to £50 per month – to the Help to Save scheme will be rewarded with a £1,200 bonus.
This windfall will be deposited directly into their bank accounts in two instalments, one at the end of year two and the other at the culmination of the four-year period. The UK Government’s innovative Help to Save initiative offers a generous 50 per cent bonus to low-income earners who build their savings.
Participants can put away between £1 and £50 every month, earning an extra 50 pence for each pound saved. Economic Secretary to the Treasury, Lucy Rigby, said: “The Government’s Help to Save scheme has boosted the savings of over half a million people across the country to the tune of £220 million.
“We’re committed to helping families build financial resilience and putting more money in the pockets of working people.”
HMRC’s Chief Customer Officer, Myrtle Lloyd, added: “Millions have been paid out to people who are putting aside whatever cash they can spare each month – so don’t miss out on making the most of your savings. Go to GOV.UK to open your Help to Save account today.”
A fifth of customers have opened their accounts via the HMRC app, which also allows users to monitor their deposits and check bonus payments. Contributions to Help to Save accounts can be made via debit card, standing order, or bank transfer.
Antonia Stokes, Low Incomes Tax Reform Group (LITRG) Senior Manager, underscored the scheme’s benefits for those on low incomes: “The Help to Save scheme is a very attractive product for people on low incomes who want to get into a regular savings habit.
“Everyone who is eligible to participate in the scheme has the opportunity to earn a bonus on top of their savings, and these bonuses can be amplified by depositing the maximum amount allowed each month and refraining from withdrawals.
“Even those who can’t save the maximum are still eligible for bonus payments, making it an appealing choice for savers.”
Funds can be withdrawn at any time, although this may impact the 50 per cent bonus payments. More information about Help to Save can be found here
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