Help to Save explained

How the 50% bonus works and who can open an account.

The short answer

Help to Save is a government-backed savings account for some people on Universal Credit. You can pay in £1 to £50 a month, and the government adds a bonus of 50p for every £1 you save over four years. The bonuses are paid at the end of year two and year four.

How it works

You choose how much to save each calendar month, between £1 and £50. You do not have to pay in every month.
The account closes automatically after four years.
You can take money out, but only to your linked bank account.
If you close the account early, you lose the next bonus, and you cannot reopen it or open another Help to Save account.
The scheme is backed by the government, so your savings are secure.

What could it be worth?

Paying in the full £50 each month for four years is £2,400. At 50p per £1, the bonus on that could come to up to around £1,200, which is a return no normal savings account matches. Check the GOV.UK page for exactly how the bonus is calculated.

Who can open one

It is for certain people who get Universal Credit, and the rules depend on your Universal Credit situation, so check eligibility on GOV.UK before you apply. See Universal Credit explained and benefits you might be missing.

Good to know

Savings in the account can affect some means-tested benefits less than normal savings, so read the official page for how it is treated.
Build a cushion first with a small emergency fund.
Use the savings calculator to see how monthly saving adds up.

Where to learn more

This guide is for information only and is not tax, benefits or financial advice. Rules and amounts can change, so check the official pages before you rely on them.