Help to save customers have received more than £220million in bonus payments, new data from the tax office shows.
Help to Save is a Government savings scheme offering low-income earners a 50% bonus on their deposits. Customers can put away between £1 and £50 each month and earn an extra 50p for every £1 they save. Savers who deposit the maximum of £2,400 over the four-year duration of the scheme will get a £1,200 bonus, with it being paid straight into their bank accounts at the end of the second and fourth years.
Latest HM Revenue and Customs (HMRC) figures show that since the scheme started in September 2018 to April 2025, 575,200 customers opened an account and have paid a total of £588.2million into their savings pots.
Of those who have opened an account, 94% deposited the maximum amount into their nest egg each month.
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.”
You can open a Help to Save account if you’re receiving Universal Credit and you had take-home pay of £1 or more in your last monthly assessment period. It takes just a few minutes to open an account online on GOV.UK or via the HMRC app.
Eamonn Prendergast, chartered financial adviser at Bromley-based Palantir Financial Planning Ltd, praised the scheme, but pointed out that many aren’t aware of its existence.
He said: “Help to Save is one of the best-kept secrets in personal finance. A 50% Government bonus, worth up to £1,200 over four years, is unbeatable, yet awareness remains low.
“Many eligible households either don’t know it exists or assume it’s complicated, when in reality it takes minutes to set up online. For families squeezed by rising costs, even small monthly deposits can build into a meaningful buffer. The real challenge is making sure more people actually hear about and use it.”
How do Help to Save bonuses work?
Savers will receive the first bonus after the first two years, which will be equivalent to 50% of the highest balance saved.
After four years, savers get the final bonus if they continue to save. This bonus will be 50% of the difference between the two amounts:
- The highest balance saved in the first two years (years one and two)
The highest balance saved in the last two years (years three and four).
The highest amount Britons can earn from their savings in four years is £1,200 in bonus money. Adding this to the maximum amount people can save (£50 per month, equating to £2,400 over four years), it can leave savers with a sizeable £3,600 pot. However, it must be noted that if the highest balance doesn’t increase, savers will not earn a final bonus.
The Help to Save account will close four years after it is opened, and the saver will not be able to reopen it or open another one.
Withdrawals can be made at any time if needed. However, they may make it harder to grow the highest balance and earn the largest possible bonuses.
A statement on the Government website reads: “Withdrawing money could mean you are not able to earn a final bonus – depending on how much you withdraw and when.”
