Following the managed migration to Universal Credit from several legacy benefits (such as tax credits and some disability benefits) many more claimants are now eligible. The scheme has been extended, allowing people  to open an account until April 2027. ​

Under the Help to Save scheme, for every £1 you put in to a Help to Save account, the government will boost it by 50p up to a £1200.

The totally unbeatable Help to Save scheme https://t.co/aQr1BKFLZl #MartinLewis

— Martin Lewis (@MartinSLewis) November 5, 2024

Martin says: "I've long, proudly, loudly, championed the Help to Save scheme as it's cleverly designed to encourage savings among those in work who can't normally afford to.

"Saving is crucial where possible, as it gives people some financial resilience, so they can use their own cash in an emergency rather than being forced to access high-cost credit.

"No other form of saving comes close to Help to Save, so it's good news that now over half a million more people can open it, as the eligibility criteria have been broadened."

How DWP Help to Save bonuses work

You get bonuses - two over four years. You’ll get any bonuses you’ve earned even if you withdraw money.

After your first two years, you’ll get a first bonus if you’ve been using your account to save. This bonus will be 50% of the highest balance you’ve saved.

After four years, you’ll get a final bonus if you continue to save. This bonus will be 50% of the difference between 2 amounts:

• the highest balance saved in the first 2 years (years 1 and 2)
• the highest balance saved in the last 2 years (years 3 and 4)

If your highest balance does not increase, you will not earn a final bonus.

The most you can pay into your account each calendar month is £50, which is £2,400 over 4 years. The most you can earn from your savings in four years is £1,200 in bonus money.

How to put money into Help to Save, and earn the bonus payments

• You can save between £1 and £50 each calendar month. You do not have to pay money in every month.
• You can pay money into your Help to Save account 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. For example, if you have saved £50 by January 8 you will not be able to pay in again until February 1.
• You can only withdraw money from your Help to Save account to another bank account. 

Help to Save is backed by the government so all savings in the scheme are secure.

How it will affect your benefits

Saving money though a Help to Save account could affect your eligibility for certain benefits and how much you get, but if you or your partner have £6,000 or less in personal savings this will not affect how much Universal Credit you get. This includes any savings in your Help to Save account.

Your Help to Save bonuses will not affect your Universal Credit payments.

Will it stop my Housing Benefit?

If you or your partner have £6,000 or less in personal savings this will not affect how much Housing Benefit you get. This includes any savings in your Help to Save account, or your Help to Save bonuses.

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How to apply

You’ll need to sign in to set up a Help to Save account. If you do not already have sign in details, you’ll be able to create them when you sign in for the first time.

You’ll need your National Insurance number or postcode and two of the following:

• a valid UK passport
• a UK photocard driving licence issued by the DVLA (or DVA in Northern Ireland)
• details of a tax credit claim, if you made one
• details from a Self Assessment tax return in the last 2 years, if you made one
• information held on your credit record, if you have one (such as loans, credit cards or mortgages)

You’ll be asked to provide your UK bank details when you apply.