Help to Save eligibility: who qualifies and how to open an account

Help to Save is a government-backed savings account for people on low incomes. You can save between £1 and £50 per calendar month. After 2 years, you receive a tax-free bonus equal to 50% of the highest balance you've achieved — up to a maximum of £600. You can then continue for another 2 years (4 years total), and earn a second bonus of 50% of the amount by which you increase your highest balance in years 3 and 4, up to another £600. Maximum total bonus over 4 years: £1,200.

You can open a Help to Save account if you are getting Universal Credit and you (with your partner, for a joint claim) had take-home pay of £1 or more in your last monthly assessment period. You must live in the UK. Tax credits, including Working Tax Credit, ended on 5 April 2025, so Universal Credit is now the only route in. From 6 April 2028 the government plans to extend eligibility to Universal Credit claimants who get the child or carer element, even if they are not working.

Eligibility is checked when you apply. If you stop getting Universal Credit later, you can keep using the account. Couples can each open their own account.

The Year 2 bonus is based on the highest balance you've achieved at any point during the first 2 years — not what you have on the bonus date. This means: if you save £50/month for 24 months, your highest balance is £1,200, and your bonus is £600. But if you save £50/month, then withdraw £500, then save some more — your highest balance was still £1,200 even if you now have less, so the full £600 bonus still applies. You can withdraw at any time, but withdrawals don't reduce the highest balance point recorded. The second bonus works differently: it is half the difference between your highest balance in years 3 and 4 and your highest balance in years 1 and 2. If you withdraw a lot after the first bonus, your highest balance may not rise much, and the second bonus will be smaller.

Open a Help to Save account at gov.uk/get-help-saving-if-youre-on-low-income. You'll need a Government Gateway account. The application takes about 10 minutes. If you don't have a Government Gateway account, you can also apply via the HMRC app or by phone (0300 322 7093). The account is held with NS&I — once set up, you'll have an account number and can transfer money in by debit card, standing order or bank transfer, up to £50 each calendar month.