Tag: Help to Save scheme

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.