Tag: Help to Save scheme

More than £300 million paid out through Help to Save with thousands more savers set to benefit 

  • More than £300 million has been paid out to people on a low income through Help to Save.
  • Eligibility for Help to Save will be expanded from 2028, so more people than ever before can benefit from the government savings scheme.
  • More than 44,500 people on a low income in Scotland have opened a Help to Save account.

With more than £300 million having been paid out in bonus payments, and thousands more people set to be eligible for an account through the Help to Save scheme, HM Revenue and Customs (HMRC) is kicking off UK Savings Week by reminding people who can benefit. 

Help to Save is a government savings scheme offering low-income earners a 50% bonus on whatever they can save. Between £1 and £50 can be saved each month with an extra 50 pence added for every £1 saved.

Accounts can be open for up to 4 years, and people can save up to a maximum of £2,400, resulting in up to £1,200 government savings bonus being paid straight into their bank accounts. Bonus payments are made at the end of the second and fourth years and are based on how much has been saved.

In 2028, the earning criteria will be removed for people with caring responsibilities. The scheme will be open to all Universal Credit claimants, resulting in an additional 1.5 million households becoming eligible.

Latest figures show 44,950 Help to Save accounts have been opened in Scotland since September 2018, with savers depositing a total of £45.5 million into their savings pots.

Statistics also show that 94% of those who have opened a Help to Save account save the maximum amount of £50 each month.

Economic Secretary to the Treasury Lucy Rigby said: “Help to Save is a really beneficial scheme that offers a 50% government bonus on whatever you are able to save. We want more eligible people to take advantage of it.“

The scheme will also be more accessible as it will be delivered through a multi-provider model, instead of just one, so banks, building societies and credit unions will be able to offer the scheme directly to their eligible customers.

Peter Tyler, Director of Personal Banking at UK Finance, said: “Expanding Help to Save and enabling more financial services providers to offer the scheme directly is a positive step towards helping people build financial resilience.

“The scheme provides eligible customers with a great opportunity and incentives to develop regular savings habits.”

Money can be paid into Help to Save accounts via debit card, standing order or bank transfer. 

In the last year, nearly 24,000 people have chosen to open a Help to Save account via the HMRC app where they can keep track of deposits and view bonus payments.

It takes just a few minutes to check eligibility and open an account online on GOV.UK or via the HMRC app.

Money can be withdrawn at any time, although this may affect the 50% bonus payments.

Find out more about Help to Save at GOV.UK.

  1. Latest statistics on Help to Save up to April 2026 were released 16 September 2026.
 Number of Accounts Opened to end of April 2026Total value of deposits
UK Total656,700                    676,737,000            
England562,300580,130,000
North East27,90027,584,000
North West83,750                      84,975,000 
Yorkshire and The Humber60,90063,053,000
East Midlands53,80056,120,000
West Midlands62,35062,957,000
East of England58,15060,391,000
London76,95078,111,000
South East79,50081,298,000
South West58,95065,641,000
Wales30,45031,394,000
Scotland44,95045,574,000
Northern Ireland                      18,550 19,255,000

    HMRC: 39,800 customers in Scotland have opened a Help to Save account

    £220 million boost for the Help to Save club

    • 39,800 people on a low income in Scotland have opened a Help to Save Account
    • People can save up to £50 a month and get a 50% bonus on top
    • Part of Government’s mission to grow the economy and deliver on our Plan for Change

    Help to Save customers have received more than £220 million in bonus payments, and HM Revenue and Customs (HMRC) is encouraging those eligible to sign up to take advantage of the scheme during UK Savings Week (22-26 September).

    Help to Save is a government savings scheme offering low-income earners a 50% bonus on their savings. Customers can deposit between £1 and £50 each month and earn an extra 50 pence for every £1 they save.

    It takes just a few minutes to check eligibility and open an account online on GOV.UK or via the HMRC app.

    Savers who deposit the maximum of £2,400 over the four years of the duration of the scheme will get a £1,200 bonus, with it being paid straight into their bank accounts at the end of the second and fourth year.

    Latest figures show that since the scheme started in September 2018 to April 2025, 39,800 customers in Scotland opened a Help to Save account and have paid a total of £39.8 million into their savings pots.

    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.” 

    Of those who have opened an account, 94% deposited the maximum amount into their nest egg each month.

    The scheme, originally due to close in September 2023, has been extended and people have until April 2027 to open an account and start paying in. It has meant that to April 2025, more than 95,000 low-income earners have been able to open Help to Save accounts, who would have otherwise missed out.

     A total of 7,800 accounts were opened in April 2025 (the highest monthly amount since March 2023) when the scheme was expanded to include all working Universal Credit claimants.

    Myrtle Lloyd, HMRC’s Chief Customer Officer said: “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 a Help to Save account via the HMRC app. People can use the app to keep track of their deposits and view their bonus payments.

    Money can be paid into Help to Save accounts via debit card, standing order or bank transfer.

    Antonia Stokes, Low Incomes Tax Reform Group (LITRG) Senior Manager, said: “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 take part in the initiative has the chance to earn a bonus on top of the money that they put in, and these bonuses can be increased by paying in the maximum amount allowed each month and making no withdrawals.

    “Those who are eligible can still receive bonus payments, even if they can’t save the maximum, which makes it an attractive option for savers.”

    Money can be withdrawn at any time, although this may affect the 50% bonus payments.

    Find out more about Help to Save at GOV.UK.

    More than half a million more people in line for savings boost

    • Government’s Help to Save scheme now open to 550,000 more people to help with cost of living
    • Those saving £50 a month can expect £25 Government top-up, putting more money in people’s pockets
    • Part of Government’s mission to grow the economy and deliver on Plan for Change

    More than half a million more UK savers are in line for Government bonuses worth up to £25 a month to boost their cash pots and help ease rises in the cost of living, HM Revenue and Customs (HMRC) has announced today.

    As part of the Government’s mission to grow the economy and improve lives in every corner of the UK and to deliver its Plan for Change, Help to Save is now open to anyone working and receiving Universal Credit – rewarding 550,000 more people.

    Its extension to April 2027 means more can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018.

    This is evidence of the Government backing the most vulnerable in society with 93% of savers paying in the maximum £50 every month to their Help to Save account.

    In Scotland, 36,050 Help to Save savers have paid in a total of £33,584,000 into their accounts, since September 2018.

    An account can be set up in less than 5 minutes and easily managed through GOV.UK or the HMRC app, making it accessible to people throughout the UK.

    Savers who deposit the maximum amount of £2,400 over four years will receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year.

    Economic Secretary Emma Reynolds said: ““Security for working people is at the heart of our Plan for Change.

    “We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.”

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.”

    Savers can deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period.

    Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users have access to their savings account at their fingertips. They can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order.

    Money can be withdrawn at any time, although this may affect the 50% bonus payments.

    Michelle Highman, Chief Executive of The Money Charity, said: ‘We are really pleased to see the Help to Save scheme extended and made available to more people.

    “It’s a brilliant way for people to start to save and to build their financial resilience and futures. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it’s a great place to boost your savings.”

    Find out more about Help to Save at GOV.UK.