Thousands more people will be able to benefit from a Government savings scheme offering a 50% bonus as more than £300 million has already been paid out to low-income savers.
Help to Save allows eligible people to put away between £1 and £50 a month, with the Government adding a 50p bonus for every £1 saved.
Over four years, someone who saves the maximum £50 every month could receive up to £1,200 in Government bonuses on top of their savings.
And the scheme is set to become available to even more people from 2028, when the earning criteria will be removed for people with caring responsibilities.
The changes will also mean the scheme is open to all Universal Credit claimants, potentially making an additional 1.5 million households eligible.
HM Revenue and Customs (HMRC) is highlighting the scheme as part of UK Savings Week, after the latest figures showed that 656,700 Help to Save accounts had been opened by the end of April 2026.
Savers had deposited a combined £676.7 million into their accounts.
How the £1,200 Help to Save bonus works
Help to Save accounts can remain open for up to four years. People can save up to £50 each month, meaning they could put away a maximum of £2,400 over four years.
The Government bonus is worth 50% of qualifying savings, potentially adding up to £1,200.
The first bonus is paid after two years and is based on the highest balance saved during the first two years.
A final bonus is paid after four years and is based on the increase in the highest balance between the first two years and the final two years.
This means savers do not simply receive 50% of everything they have deposited. The bonus is calculated using the highest balances under the scheme's rules.
The bonus is paid directly into the customer's bank account.
Latest statistics show that 94% of people who have opened a Help to Save account save the maximum £50 each month.
Looking for a simple way to boost your savings? 💷
More than £300 million in bonus payments has been paid out through Help to Save.
This #UKSavingsWeek, see if you could benefit too.
It only takes a few minutes to check your eligibility and open an account online. 👇… pic.twitter.com/97oeCiD7xU— HM Revenue & Customs (@HMRCgovuk) September 21, 2026
More people could qualify from 2028
The eligibility rules are due to change in 2028. The earning criteria will be removed for people with caring responsibilities, while all Universal Credit claimants will become eligible.
The Government estimates this could make an additional 1.5 million households eligible for Help to Save.
The scheme will also be offered through multiple financial providers rather than a single provider, meaning banks, building societies and credit unions will be able to offer Help to Save directly to eligible customers.
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."
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.”
Help to Save has paid out more than £300 million
The latest statistics, covering accounts up to the end of April 2026, show that 656,700 accounts have been opened since Help to Save launched in September 2018.
A total of £676.7 million had been deposited into Help to Save accounts.
Nearly 24,000 people opened an account through the HMRC app during the last year, where they can also track their deposits and view bonus payments.
The scheme was originally due to end in 2023 but has since been extended and is now permanent.
Eligibility was widened in April 2025 to include all working Universal Credit claimants, making an additional 550,000 people eligible to open an account at that point.
Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, says: “Help to Save is a valuable scheme because the 50% government bonus can provide a significant boost to regular savings, with £676m deposited by savers since 2018.
"The fact that over £300 million has now been paid out in bonus payments shows how much support the scheme has provided to people on lower incomes."
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Who can open a Help to Save account?
Help to Save is aimed at people on low incomes who meet the eligibility rules. Accounts can be opened online through GOV.UK or using the HMRC app.
Money can be paid in using a debit card, standing order or bank transfer.
There is no requirement to save the maximum amount every month and people can withdraw money when they need it. However, withdrawals can affect the bonuses they receive.
The scheme is designed to encourage people to build up a savings pot while receiving a substantial Government contribution towards it.
Anyone considering opening an account should check the latest eligibility rules and bonus conditions before applying.
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