Help to Save scheme made permanent – are you eligible?

The Help to Save scheme has now been made permanent, following an Autumn Budget announcement by the government. The scheme was initially due to end in 2027.

From 2028, the popular savings plan will also expand to include parents and carers on Universal Credit, meaning around 1.5 million more people will get the chance to boost their savings through government bonuses.

This is a big win for people on low incomes looking for ways to increase their savings and a real opportunity to build financial security.

What is Help to Save?

Help to Save is a government-backed savings account for people on low incomes. It’s designed to make saving easier and more rewarding.

Here’s how it works:

• You can save between £1 and £50 a month for up to four years
• You don’t have to save every month, and you can withdraw your savings if you need to
• At the end of two years, you get a bonus worth 50% of your highest balance
• After four years, you get another bonus on any extra savings you’ve made

If you save the full £50 every month, you could put away £2,400 and get £1,200 in bonuses from the government.

Who can apply now?

Anyone on Universal Credit who’s had take-home pay of £1 or more in the last monthly assessment period is eligible to apply.

If you and your partner get payments as a couple, you can apply for your own Help to Save accounts meaning you’ll be able to save £50 each and get double the bonuses.

If your circumstances change and you stop claiming benefits, you can still keep your Help to Save account once it’s set up.

How to apply

You can apply for a Help to Save account through the government website. You'll have to create log-in details as part of the application process.

You may need to provide a combination of the following:

• Your National Insurance number
• Valid ID (i.e. a driving licence or passport)
• Details of a tax credit form, self-assessment tax return, and information on your credit card record if applicable

You’ll also need to provide your UK bank account details when you apply. Once you set up an account, you’ll be able to use it to sign in as many times as you need in the future.