Help To Save Government Scheme: What it is and How it Works



The Help to Save Scheme is a government scheme that aims to help those on low incomes to be able to save. It allows people who are entitled to working tax credit or receiving universal credit to get a bonus of 50% of what they save over 4 years.



Who is entitled to the help to save scheme?

  • People receiving Working Tax Credit

  • People entitled to Working Tax Credit and receiving Child Tax Credit

  • People claiming Universal Credit and if the person (or them and their partner jointly) earned £617.73 or more from paid work in the last monthly assessment period.


How does it work?

  • The account holder can deposit between £1 and £50 each calendar month; however, you DO NOT have to pay money in the account every month.

  • The account holder can pay into the account by debit card, standing order or bank transfer.

  • The account holder can pay into the account as many times as they choose to in the month but the maximum that can be paid into the account is £50 a month.

  • You can withdraw the money from the help to save account but only into a bank account.


The bonuses are paid at the end of the second and the fourth year. After the first 2 years, a bonus of 50% of the highest balance saved within those 2 years. After the 4 years, a final bonus will be paid. This will amount to 50% of the difference between the highest balance paid in the first two years and the highest amount save in the last two years.