UK Help to Save (2026/27): 50% Government Bonus for Low-Income Savers

Q Who qualifies for Help to Save?

You can open an account if you are receiving Universal Credit and you (with your partner, if it is a joint claim) had take-home pay of £1 or more in your last monthly assessment period. From 6 April 2025 the earlier earnings threshold (16 hours a week at the National Living Wage) was removed. You must live in the UK, unless you are a Crown servant or in the British armed forces, or their spouse or civil partner. Each person can have only one account, ever, and couples apply separately.

Q How much can I save and how does the bonus work?

You can pay in £1 to £50 each calendar month, up to £2,400 over 4 years. After 2 years you get a first bonus of 50% of the highest balance you reached in years 1 and 2 (up to £600). After 4 years you get a final bonus of 50% of the amount by which your highest balance in years 3 and 4 exceeds your highest balance in years 1 and 2 (up to £600). The most you can get is £1,200. Bonuses are tax-free and are paid into your bank account, not the Help to Save account.

Q Can I withdraw money during the 4 years?

Yes, to your bank account, and you keep any bonus already earned. But withdrawals make it harder to grow your highest balance. Example: £50 a month for 24 months gives a highest balance of £1,200 and a first bonus of £600. Withdraw £600, leaving £600, then save £50 a month for 24 more months: the highest balance in years 3 and 4 is £1,800, so the final bonus is £300. Total £900 instead of £1,200.

Q What if I stop claiming Universal Credit?

GOV.UK says you can keep using your Help to Save account if you stop claiming benefits. The account closes 4 years after you open it and cannot be reopened. If you close it early you miss your next bonus and cannot open another account.

Q Does Help to Save affect Universal Credit?

Savings in the account count towards your capital. If you and your partner have £6,000 or less in personal savings, including Help to Save, it does not affect your Universal Credit, and Help to Save bonuses do not affect your payments. Above £6,000, Universal Credit assumes £4.35 a month of income for each £250 (or part of £250) of capital over £6,000 (Universal Credit Regulations 2013 reg 72), and you cannot usually get Universal Credit with more than £16,000.

Q Help to Save or a cash ISA?

They are not alternatives for most eligible savers: Help to Save is only for Universal Credit claimants in work, while anyone 18 or over and UK resident can open a cash ISA (up to £20,000 a year in 2026/27). If you qualify, the Help to Save bonus is worth 50% of what you save, up to the limits, which is more than savings interest. You can hold both.

Q How do I apply?

Online through GOV.UK. You sign in (or create sign-in details), and need your National Insurance number or postcode and two forms of identification such as a UK passport, a UK photocard driving licence, tax credit or Self Assessment details, or information on your credit record. You give your UK bank details for withdrawals and bonuses. You can pay in by debit card, standing order or bank transfer. The scheme is backed by the government and run by NS&I.

Q How long will the scheme run?

HMRC said in March 2025 that, following Autumn Budget 2024, Help to Save has been extended on its current terms until April 2027, and that a consultation was held on how a reformed scheme might be provided after that. Check GOV.UK for the current position before relying on being able to open an account later.

Q What is the most I can get?

Saving £50 every month for 4 years with no withdrawals: £2,400 saved plus £1,200 of bonuses, £3,600 in total. Smaller amounts work the same way: £10 a month for 4 years is £480 saved and £240 of bonuses, as long as the balance keeps growing.