Help to Save Account UK: Get a 50p Bonus on Every £1 Saved

To open a Help to Save account you must be: receiving Working Tax Credit, or entitled to Working Tax Credit and receiving Child Tax Credit, or claiming Universal Credit and your take-home pay (with your partner if jointly claiming) is at least £793.17/month. You must also be a UK resident. You can open a Help to Save account through the HMRC website using your Government Gateway login.

You can save between £1 and £50 per calendar month. Bonuses are paid at the end of year 2 and year 4, based on the highest balance reached — not your closing balance. This is important: the year 2 bonus is 50% of the highest balance in years 1–2. The year 4 bonus is 50% of the increase in your highest balance from year 2 to year 4. So if you save consistently and don't withdraw, you maximise the bonus.

Yes, you can withdraw at any time — but it affects your bonus. The bonus is calculated on the highest balance achieved, not what's in the account when the bonus is paid. So if you reach £600 in year 1, withdraw £400, your balance is £200 but the 'high water mark' remains £600. Your year 2 bonus is still 50% of £600 = £300. However, after withdrawing you cannot redeposit withdrawn amounts — it comes out of your remaining deposit allowance.

The optimal strategy: save the maximum £50/month without withdrawing. Even if you can't afford £50, save what you can consistently — every pound attracts a 50p bonus. Treat withdrawals as a last resort. Once you close or complete the 4-year term, you keep all bonuses earned plus your savings. There's no equivalent scheme in the private market with a 50% guaranteed return.