Help to Save account: get a 50p bonus on every £1 saved

SYMUpdated Savings & ISAs

Help to Save is one of the most generous government savings schemes available: a 50% bonus on what you save. Put in £50 a month for four years and you receive £1,200 in bonuses on top of your £2,400 in savings. The catch: it is only for people receiving Universal Credit who have some earnings. If you qualify, not using it means missing out on a guaranteed bonus.

Working Tax Credit used to be a route in too, but tax credits ended on 5 April 2025 and claimants moved to Universal Credit. If you opened an account while on tax credits, you can keep using it until its four-year term ends. The scheme was made permanent at the November 2025 Budget.

Who Qualifies for Help to Save?

To open a Help to Save account you must be receiving Universal Credit and have had take-home pay of at least £1 in your last monthly assessment period (counted together with your partner's if you claim jointly). Take-home pay means pay after deductions such as tax and National Insurance. You must also live in the UK (Crown servants and armed forces members overseas, and their spouses or civil partners, can also apply). Couples can each have their own account but must apply separately. You apply on GOV.UK using your HMRC sign-in details.

How the 50% Bonus Works

You can save between £1 and £50 per calendar month. Bonuses are paid at the end of year 2 and year 4, based on the highest balance reached, not your closing balance. This is important: the year 2 bonus is 50% of the highest balance in years 1–2. The year 4 bonus is 50% of the increase in your highest balance from year 2 to year 4. So if you save consistently and don't withdraw, you maximise the bonus.
  • Maximum saving: £50/month × 48 months = £2,400 total
  • Year 2 bonus: up to £600 (50% of £1,200 max)
  • Year 4 bonus: up to £600 (50% of additional £1,200 max)
  • Total maximum bonus: £1,200 over 4 years

Can You Withdraw Early?

Yes, you can withdraw at any time, but it can affect your bonus. The bonus is calculated on the highest balance achieved, not what's in the account when the bonus is paid. So if you reach £600 in year 1, withdraw £400, your balance is £200 but the 'high water mark' remains £600. Your year 2 bonus is still 50% of £600 = £300. However, the £50 monthly limit still applies after a withdrawal, so you cannot put the money back faster than £50 a month, and a lower balance makes it harder to grow your highest balance for the year 4 bonus.
What happens if I stop receiving Universal Credit?
You can keep using your Help to Save account if you stop claiming. The account closes 4 years after you opened it, and you keep your savings and any bonuses earned. You cannot open a second Help to Save account.
Does Help to Save count as savings for Universal Credit purposes?
Yes. GOV.UK says savings of £6,000 or less (with your partner's) do not affect your Universal Credit, and this includes your Help to Save balance. The maximum you can pay in is £2,400, so for most people it will not reduce their UC on its own, but it counts towards the total.

Maximising Your Help to Save Account

The optimal strategy: save the maximum £50/month without withdrawing. Even if you can't afford £50, save what you can consistently: every pound attracts a 50p bonus. Treat withdrawals as a last resort, and note that closing the account early means missing your next bonus. Once the 4-year term ends, you keep all bonuses earned plus your savings. If remembering to save each month is the hard part, SYM can help you build the habit with a small daily amount.
  • Help to Save
  • government savings
  • Universal Credit
  • benefits
  • savings bonus UK

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