The UK government’s Help to Save scheme is one of the country’s most generous savings initiatives for low-income earners. Designed to support Universal Credit recipients and those on Working Tax Credit, it offers up to £1,200 in tax-free bonuses over four years.
Backed by National Savings and Investments (NS&I), this safe, flexible savings account gives you 50p for every £1 saved, up to £50 a month. With the scheme extended until April 2027, now’s the perfect time to start building better financial habits.
Save Works
This scheme encourages people to save by rewarding consistent contributions. The government pays a 50% bonus on the highest balance you’ve reached over set periods. It’s easy to manage and open to thousands of people across the UK.
Here’s a breakdown of how it works:
| Feature | Details |
|---|---|
| Eligibility | Universal Credit, Working Tax Credit, or Child Tax Credit recipients |
| Savings Limit | £1 to £50 per month |
| Bonus Amount | Up to £1,200 tax-free over four years |
| Bonus Rate | 50% of highest balance at key points |
| Access to Funds | Anytime, but withdrawals may affect bonuses |
| Where to Apply | GOV.UK Help to Save |
| Program Managed By | National Savings and Investments (NS&I) |
| Scheme Extension | Open until April 2027 |
Who Can Apply?
You’re eligible for a Help to Save account if you:
- Receive Universal Credit and earned at least £1 in your last assessment period
- Or qualify for Working Tax Credit or Child Tax Credit
Once your account is open, it stays active for four years, even if your benefit status changes. You can check eligibility or apply on the GOV.UK Help to Save page.
Use a Help to Save Account
Opening an account is simple and takes just a few minutes.
- Go to the Help to Save page on GOV.UK
- Log in with your Government Gateway details
- Enter your National Insurance number and bank details
- Start saving between £1 and £50 per month
You can pay in using a bank transfer or standing order, and skip months if needed — no penalties apply.
How the Bonuses Work
The scheme rewards your highest savings balance at two points:
- After two years, you’ll get 50% of your highest balance at any time during that period
- After four years, you’ll receive another 50% of the difference between your highest balances in years one and two, and years three and four
For example, if you save £50 a month:
- After 2 years: £1,200 saved + £600 bonus
- After 4 years: £2,400 saved + £1,200 total bonus
Even smaller amounts make a difference. Saving just £10 a month would mean £480 saved in four years, plus a £240 bonus.
Can You Withdraw Money Early?
Yes. You can access your money whenever you need it, making it perfect for emergencies.
Keep in mind that withdrawing funds might lower your final bonus since it’s based on your highest balance. There are no penalties or charges for withdrawals.
Is Your Money Safe?
Completely. Help to Save is managed by National Savings and Investments (NS&I), a government-backed institution. Your money is 100% guaranteed by HM Treasury, offering security no matter what happens in the wider economy.
Why Help to Save Matters
With millions of UK adults holding less than £100 in savings, this scheme offers a risk-free, government-supported opportunity to build a financial safety net. It’s flexible, reliable, and tailored for people managing on lower incomes.
Whether you’re planning for a car repair, a family event, or just want peace of mind, Help to Save is a smart, accessible way to start.
FAQs
How much can I save monthly in Help to Save?
Between £1 and £50 per month.
Who runs the Help to Save scheme?
It’s managed by National Savings and Investments (NS&I).
Is the Help to Save bonus taxable?
No, all bonuses are tax-free.
Can I withdraw my money before 4 years?
Yes, anytime — but it might reduce your bonus.
When does the scheme close to new applicants?
April 2027.
