£220 million boost for the Help to Save club
Help to Save savers receive millions in bonus payments
- 575,200 people on a low income have opened a Help to Save Account.
- People can save up to £50 a month and get a 50% bonus on top.
- Part of Government’s mission to grow the economy and deliver on our Plan for Change.
Help to Save customers have received more than £220 million in bonus payments, and HM Revenue and Customs (HMRC) is encouraging those eligible to sign up to take advantage of the scheme during UK Savings Week (22-26 September).
Help to Save is a government savings scheme offering low-income earners a 50% bonus on their savings. Customers can deposit between £1 and £50 each month and earn an extra 50 pence for every £1 they save.
It takes just a few minutes to check eligibility and open an account online on GOV.UK or via the HMRC app.
Savers who deposit the maximum of £2,400 over the four years of the duration of the scheme will get a £1,200 bonus, with it being paid straight into their bank accounts at the end of the second and fourth year.
Latest figures show that since the scheme started in September 2018 to April 2025, 575,200 customers opened a Help to Save account and have paid a total of £588.2 million into their savings pots.
Economic Secretary to the Treasury, Lucy Rigby, said:
The Government’s Help to Save scheme has boosted the savings of over half a million people across the country to the tune of £220 million. We’re committed to helping families build financial resilience and putting more money in the pockets of working people.
Of those who have opened an account, 94% deposited the maximum amount into their nest egg each month.
The scheme, originally due to close in September 2023, has been extended and people have until April 2027 to open an account and start paying in. It has meant that to April 2025, more than 95,000 low-income earners have been able to open Help to Save accounts, who would have otherwise missed out.
A total of 7,800 accounts were opened in April 2025 (the highest monthly amount since March 2023) when the scheme was expanded to include all working Universal Credit claimants.
Myrtle Lloyd, HMRC’s Chief Customer Officer said:
Millions have been paid out to people who are putting aside whatever cash they can spare each month - so don’t miss out on making the most of your savings. Go to GOV.UK to open your Help to Save account today.
A fifth of customers have opened a Help to Save account via the HMRC app. People can use the app to keep track of their deposits and view their bonus payments.
Money can be paid into Help to Save accounts via debit card, standing order or bank transfer.
Antonia Stokes, Low Incomes Tax Reform Group (LITRG) Senior Manager, said:
The Help to Save scheme is a very attractive product for people on low incomes who want to get into a regular savings habit.
Everyone who is eligible to take part in the initiative has the chance to earn a bonus on top of the money that they put in, and these bonuses can be increased by paying in the maximum amount allowed each month and making no withdrawals.
Those who are eligible can still receive bonus payments, even if they can’t save the maximum, which makes it an attractive option for savers.
Money can be withdrawn at any time, although this may affect the 50% bonus payments.
Find out more about Help to Save at GOV.UK.
Further Information
Latest statistics on Help to Save up to April 2025 were released 18 September 2025.
| Number of Accounts Opened to end of April 2025 | Total value of deposits | |
|---|---|---|
| UK Total | 575,200 | 588,244,000 |
| England | 490,950 | 503,117,000 |
| North East | 24,900 | 24,312,000 |
| North West | 74,400 | 74,823,000 |
| Yorkshire and The Humber | 54,350 | 55,500,000 |
| East Midlands | 47,650 | 49,013,000 |
| West Midlands | 54,900 | 54,886,000 |
| East of England | 50,450 | 52,060,000 |
| London | 64,350 | 65,636,000 |
| South East | 68,400 | 69,708,000 |
| South West | 51,550 | 57,180,000 |
| Wales | 27,200 | 27,774,000 |
| Scotland | 39,800 | 39,880,000 |
| Northern Ireland | 16,950 | 17,160,000 |
Help to Save was launched in September 2018 and was due to end in September 2023. It was extended to April 2025 and has now been extended until April 2027.
In April 2025, eligibility criteria was expanded to include all working Universal Credit claimants, meaning an additional 550,000 people are eligible to open an account.
Previous eligibility criteria meant savers had to be in receipt of Tax Credits or Universal Credit and be earning at least 16 hours a week at National Living Wage.
How the bonus payments work:
- after the first 2 years, customers will get a first bonus if they have been using their account to save. This bonus will be 50% of the highest balance saved.
- after 4 years, they will get a final bonus if they continue to save. This bonus will be 50% of the difference between 2 amounts:
- the highest balance saved in the first 2 years (years 1 and 2)
- the highest balance saved in the last 2 years (years 3 and 4)
- if their highest balance does not increase, they will not earn a final bonus.
- the bonus is paid into their bank account, not their Help to Save account.