Key facts
- The UK's Help to Save scheme offers a 50p bonus for every £1 saved.
- Savers can deposit up to £50 per month, with a maximum of £2,400 over four years.
- The maximum bonus achievable is £1,200.
- The scheme is currently targeted at working individuals on universal credit.
- 656,700 Help to Save accounts have been opened since September 2018.
- Savers have deposited a total of £676 million into the scheme.
The UK government is actively encouraging low-income earners to participate in the Help to Save scheme, a government-backed savings account designed to help individuals build a financial safety net. The initiative offers a significant cash bonus, providing 50p for every £1 saved over a four-year period. Savers can deposit up to £50 per month, with the potential to accumulate a maximum bonus of £1,200 if they save the full £2,400 over the four years.
This scheme is currently aimed at working individuals receiving universal credit, but its eligibility is set to expand in 2028 to include parents and carers also on universal credit. The push for greater participation comes as debt charity StepChange highlighted that millions of eligible individuals may be missing out due to low take-up.
During the recent UK Savings Week, HM Revenue and Customs used the opportunity to promote the scheme. Economic Secretary to the Treasury Lucy Rigby emphasized the scheme's benefits, stating, "Help to Save is a really beneficial scheme… We want more eligible people to take advantage of it." Latest figures indicate that since its launch in September 2018, 656,700 accounts have been opened, with savers contributing a total of £676 million. Notably, 94% of account holders are maximizing their monthly savings by depositing the full £50.