Almost 40,000 Scottish households have joined the UK Government’s Help to Save scheme.
Nearly half a million people on a low income, including 39,800 Scots, have received more than £220 million in bonus payments of up to a maximum of £1,200 through the Help to Save scheme, according to new figures released by HM Revenue and Customs (HMRC).
New figures from the Department for Work and Pensions (DWP) show there are now 8.3 million people claiming Universal Credit. However, many working claimants may not be aware they could be eligible for the Help to Save scheme, which can boost their savings and help build financial resilience for the future.
Due to a rule change earlier this year, some three million working Universal Credit claimants are now eligible for the Help to Save scheme, which has been extended until April 2027.
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At the end of April this year, some 575,200 had opened a Help to Save account and HMRC is encouraging more eligible households not to miss out. A total of 7,800 accounts were opened in April 2025 alone.
Some 94 per cent of scheme users have paid in the maximum £50 every month to their Help to Save account.
In Scotland, 39,800 people have paid in a total of £39.8 million into their Help to Save accounts, since September 2018. An account can be set up in just a few minutes – you don’t have to deposit any money straight away – and easily managed through GOV.UK or the HMRC app, making it accessible to people throughout the UK.
Savers who deposit the maximum amount of £2,400 over four years will (£50 per month) receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year.
Help to Save is a UK Government savings scheme offering low-income earners a 50 per cent bonus on their savings. Customers can deposit between £1 and £50 each month and earn an extra 50 pence for every £1 they save.
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.”
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 per cent bonus payments. Find out more about Help to Save at GOV.UK.
Help to Save in a nutshell
The Help to Save scheme enables people to deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened.
Money can be withdrawn at any time, although this may affect the 50 per cent bonus payments. The bonus is determined by the highest amount held in the account.
App users can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order.
Even if you’re not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don’t have to put any money in.
How payments work
You can save between £1 and £50 each calendar month – you don’t have to pay in every month. Payments can be made by debit card, standing order or bank transfer.
You can pay in as many times as you like, but the most you can pay in each calendar month is £50. You can only withdraw money from your Help to Save account to your bank account.
How bonuses work
You get bonuses at the end of the second and fourth years – these are based on how much you have saved.
Example:
If you put £50 in each month for the first two years – a total of £1,200 – your first bonus payment would be for £600, even if you withdraw it all (but you would need to wait until the 24th month or the bonus payment would be less).
Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes.
What happens after four years?
Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one.
Eligibility
You can open a Help to Save account if you’re receiving Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £1 or more in your last monthly assessment period.
Your take-home pay is your pay after deductions (such as tax or National Insurance).
If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately.
You also need to be living in the UK. If you live overseas, you can apply for an account if you’re either a:
- Crown servant or their spouse or civil partner
- member of the British armed forces or their spouse or civil partner
If you stop claiming benefits
You can keep using your Help to Save account.
Will it affect my benefit payments?
You can continue to receive Tax Credits or Universal Credit while saving with Help to Save.
For more information and to set up your Help to Save account, visit the GOV.UK website here.
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