Overview
- Universal Credit recipients with at least £1 take-home pay in their most recent assessment period can open accounts, with each partner on joint claims eligible to apply separately.
- Eligible savers can contribute between £1 and £50 per month and receive a 50% tax-free bonus on the highest monthly balances, paid in instalments at the end of the second and fourth years.
- Accounts can be set up without an initial deposit and managed through GOV.UK or the HMRC app, though withdrawals before bonus dates may reduce the government top-up.
- Since the rule change at the start of April 2025, over 500,000 Help to Save accounts have been opened and 93% of savers deposit the £50 maximum each month.
- Help to Save funds count towards existing benefit savings thresholds, and accounts close permanently four years after opening with no option to reopen.