If you’re earning a low income and struggling to save, there’s one government-backed account you don’t want to overlook: Help to Save scheme. This simple savings scheme can reward you with up to £1,200 in free bonuses — and yet many eligible people still don’t know it exists.
Let’s break down exactly how it works, who can apply, and 7 key facts you’ll want to know before signing up.
Table of Contents
💰 What Is the Help to Save Scheme?
Help to Save is a government savings initiative for people on low incomes. It offers a 50% bonus on the amount you save — which means for every £1 you put in, you get 50p added by the government, up to a maximum bonus of £1,200 over four years.
The scheme is backed by HMRC and managed through your GOV.UK account, making it one of the safest and most accessible ways to build up savings if you’re eligible.
✅ Who Can Open a Help to Save Account?
To open an account, you must be living in the UK and receiving one of the following benefits:
- Working Tax Credit
- Child Tax Credit (and entitled to Working Tax Credit)
- Universal Credit and earned at least £722.45 in your last monthly assessment period (as of 2025 thresholds)
You can continue using the account even if you stop receiving benefits later — eligibility is only checked when you apply.
🔑 7 Key Facts About the Help to Save scheme in 2025
Here’s what you really need to know about how the Help to Save scheme works:
1. You Can Save Up to £50 Per Month
You’re allowed to save any amount between £1 and £50 per calendar month. The account is flexible, so you don’t have to save every month. Miss a month? No problem. Just save what you can.
2. You’ll Earn Two Separate Bonuses
Bonuses are paid at two-year intervals:
- After the first 2 years, you get 50% of the highest balance you’ve achieved.
- After the next 2 years, you get 50% of the increase in your balance since the end of year two.
💡 Example: If you save £1,200 in the first two years, you’ll get a £600 bonus. If your balance grows to £2,400 by the end of year four, you’ll get another £600 — for a total of £1,200 in free money.
3. Your Money Is Safe (And Always Accessible)
Help to Save accounts are held with NS&I (National Savings & Investments), so your money is fully protected by the government. You can withdraw money at any time, although doing so may reduce your final bonus.
4. It Won’t Affect Your Benefits
Any money you save in the Help to Save scheme won’t count against your Universal Credit, Tax Credits or Housing Benefit. That means you won’t be penalised for building an emergency fund.
5. You Can Apply Online in 5 Minutes
You’ll need a Government Gateway or GOV.UK account. You can apply online via the official HMRC site and start saving straight away.
You don’t need to visit a bank or post office — it’s entirely online.
6. You Can Set Up a Standing Order or Manual Payments
Once your account is open, you can either:
- Set up a standing order to save automatically every month, or
- Manually transfer money whenever you can afford to.
There’s no penalty for skipping months — the scheme is designed to be flexible.
7. The Deadline to Open an Account Is September 2025 (for now)
The Help to Save scheme is currently scheduled to close to new applicants on 30 September 2025, although it may be extended. If you’re eligible, it’s best to open your account sooner rather than later to lock in your four-year savings window.
📝 How to Open a Help to Save Account (Step-by-Step)
- Go to the GOV.UK Help to Save scheme page: https://www.gov.uk/get-help-savings-low-income
- Log in with your Government Gateway credentials (or create an account)
- Confirm your eligibility
- Enter your bank details (to withdraw funds later)
- Set up payments manually or through your bank
Once the account is open, you’ll receive an email confirmation and can start saving right away.
❓ Is Help to Save Worth It?
Yes — if you’re eligible and can afford to save even a little each month, Help to Save is one of the best risk-free financial boosts available.
Even if you only saved £10 a month, you’d end up with:
- £480 of your own savings
- £240 in bonuses
- Total: £720 in four years — from just £2.50 a week.
🧠 Final Thoughts: Don’t Miss Out on Free Money
If you’re on a low income or claiming certain benefits, the Help to Save scheme is a rare opportunity to get rewarded for building good financial habits.
With inflation, rising energy bills, and cost-of-living pressures, saving even small amounts feels tough — but this scheme helps make it easier.
Open the account, set up a small monthly transfer, and check in once a year. You’ve got nothing to lose, and possibly £1,200 to gain.
Liked this guide? You might also find these helpful: