UK Government Expands Help to Save Scheme Eligibility

The Government of the United Kingdom is promoting the Help to Save scheme during UK Savings Week, urging low-income earners to utilize the government-backed program. The scheme provides a 50% cash bonus on monthly savings between £1 and £50 over four years, allowing eligible participants to earn a maximum bonus of £1,200 on £2,400 in total savings. Bonuses are distributed at the end of the second and fourth years.

Since September 2018, 656,700 accounts have been opened with total deposits reaching £676.7 million, and more than £300 million in bonus payments have already been distributed. While 94% of users save the maximum monthly limit, the debt charity StepChange has warned that overall take-up of the scheme remains too low.

To increase participation, the government will expand eligibility starting in 2028 to include all Universal Credit claimants, including parents and carers regardless of earning criteria. This expansion is expected to benefit an additional 1.5 million households. Additionally, the program will transition from a single provider to multiple financial services providers, including banks, building societies, and credit unions, to help citizens build financial resilience.