Do you claim Universal Credit? and itching to build a rainy‑day fund?
Good news – Help to Save just got juicier. The Government has opened the scheme to 550,000 more people and extended it to April 2027, meaning more of us can benefit.
What Is Help to Save?
It’s a government‑backed savings account that pays 50p for every £1 you save. It’s for anyone over 16, resident in the UK, working and receiving Universal Credit (with at least £1 take‑home pay in your last monthly assessment).
You can save between £1–£50 each calendar month. The bonus is payable in Year 2 and then at the end of the 4th year.
Help to save is open now and its opening has been extended through April 2027 and the account stays open for 4 years from the date you join.
Why You’ll Love It
-
Instant Setup
-
Sign up in under 5 minutes on GOV.UK or via the HMRC app—no faff, no fuss.
-
-
Real Returns
-
First bonus at year 2: 50% of your highest balance to date.
-
Final bonus at year 4: another 50% on the growth you’ve made since year 2.
-
-
Total Flexibility
-
Deposit whenever you like each month (up to £50).
-
Withdraw at any time (though pulling out early can dent your bonus) but once you withdraw, you can’t redeposit.
-
How to Get Started
-
Check Eligibility: You need to be on Universal Credit, with at least £1 take‑home pay in your last monthly period.
-
Head Online: Visit GOV.UK and follow the simple prompts—or grab the HMRC app.
-
Save & Relax: Save £1–£50 each month, and let the Government top you up by 50% at years 2 and 4.