The Help to Save scheme is expanding to include all Universal Credit claimants who are in work, offering up to £1,200 in free cash
Great news! The Help to Save scheme is getting even better. From April 6, 2025, the eligibility criteria are expanding to include all Universal Credit claimants who are in work. Workers can save a little each month to get a tax-free bonus of £1,200 in four years.
If we weren’t eligible before, it’s time to check again!
What’s Help to Save?
Help to Save is a government-backed savings account designed to give a boost to those of us on lower incomes. For every £1 we save, the government adds 50p – meaning if we save £50 a month, we get an extra £25 absolutely free. And the best part? We don’t have to save every month – it’s totally flexible!
How Does It Work?
- We can save between £1 and £50 a month.
- After two years, we get a bonus worth 50% of our highest balance. So if we save £50 each month, we get a bonus of £600 after two years.
- Keep going for another two years, and we’ll get another 50% bonus on any extra savings we’ve made.
- That’s up to £1,200 in bonuses over four years!
Who Can Apply?
The scheme used to only be available to people who are on Universal Credit and had a take-home pay of £793.17or receive Working Tax Credit.
But from April 6, 2025, the scheme is expanding to include all UC claimants who are in work, regardless of earnings. Anyone who is working and earns at least £1 will be eligible.
The deadline to apply is April 2027, but with this year’s “Awful April” bringing a wave of price hikes, we might want to jump on it sooner rather than later!
And if we’ve been thinking about getting back into work, now could be the perfect time to make a move!
Any Catches?
Not really – but there are a few things to consider:
- We can withdraw money anytime, but this might lower the bonus we receive.
- If we claim benefits, having savings might affect how much we get, so it’s worth checking before we start. If we have a savings of £6,000 or less, our benefits do not get affected.
- After four years, our account will close, and we won’t be able to open another one – so let’s make the most of it while we can!
How Do We Get Started?
Signing up is super simple. Just head to Get help with savings if you’re on a low income (Help to Save): How to apply – GOV.UK and apply through our Government Gateway account. If we don’t have one, we can set it up in minutes.
Why Not Give It a Go?
This scheme is too good to ignore – if we’re eligible, it’s basically free money! Even if we can only save a few quid a month, the government will still boost our balance. So why not start today and give our savings a well-deserved lift?
Image: Ground Picture / Shutterstock
