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UK government urges low earners to join help to save scheme
The account pays a bonus of 50p for every £1 saved over four years, with a maximum £50 monthly contribution and up to £1,200 in bonus.
The UK government is encouraging low-paid working people, including those on universal credit, to sign up to the government-backed Help to Save savings account, aimed at boosting saving among eligible earners.
Help to Save offers a bonus of 50p for every £1 saved over four years, with savers able to deposit up to £50 per month, while the bonus is paid at the end of the second and fourth years.
The scheme’s rules cap contributions at £2,400 over four years, which translates into a maximum bonus of £1,200 based on the amount saved.
According to debt charity StepChange, take-up of Help to Save remains far too low, and eligibility is set to expand to parents and carers on universal credit from 2028.