Help to Save Scheme UK: Eligibility, How It Works and Maximum Bonus

Help to Save is a government-backed savings account for people on low incomes. You can save between £1 and £50 per calendar month. After 2 years, you receive a tax-free bonus equal to 50% of the highest balance you've achieved — up to a maximum of £600. You can then continue for another 2 years (4 years total), earning a further 50% bonus on savings made in years 3 and 4 — up to another £600. Maximum total bonus over 4 years: £1,200.

You can open a Help to Save account if you are currently receiving Universal Credit and have a household income of at least the equivalent of 16 hours per week at the minimum wage, OR you are receiving Working Tax Credit. You must be a UK resident. You cannot have previously held a Help to Save account. Eligibility is checked at the point you apply — if your circumstances change after opening the account, you usually keep access. One account per person.

The Year 2 bonus is based on the highest balance you've achieved at any point during the first 2 years — not what you have on the bonus date. This means: if you save £50/month for 24 months, your highest balance is £1,200, and your bonus is £600. But if you save £50/month, then withdraw £500, then save some more — your highest balance was still £1,200 even if you now have less, so the full £600 bonus still applies. You can withdraw at any time, but withdrawals don't reduce the highest balance point recorded.

Open a Help to Save account at gov.uk/get-help-saving-if-youre-on-low-income. You'll need a Government Gateway account. The application takes about 10 minutes. If you don't have a Government Gateway account, you can also apply via the HMRC app or by phone (0300 322 7093). The account is held with NS&I — once set up, you'll have an account number and can transfer money in by bank transfer, debit card or direct debit.