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Help to Save scheme expands – how to get up to £1,200 in bonuses
The government scheme has been extended until April 2027
An extra 550,000 people are now eligible to open a Help to Save account, after HMRC relaxed the eligibility rules this month.
The government-run Help to Save is similar to an instant-access account. But instead of earning interest, customers are given a 50% cash bonus at the end of two and four years, worth up to £1,200.
The initiative is aimed at helping people whose financial circumstances mean they might struggle to put any money aside for an emergency.
Here, Which? explains how it works, who can open the account and how it compares to traditional savings accounts.
How does Help to Save work?
Savers can deposit up to £50 a month and there are no restrictions on withdrawals.
A tax-free cash bonus is then paid into a nominated bank account after two and four years.
- After two years: you get a 50% bonus, based on the highest balance in your account during the first two years. This could be worth up to £600 if you saved the maximum amount each month.
- After four years: a second 50% bonus is paid, again worth a maximum of £600. This is based on the difference between the highest balance in years three and four and the highest balance during the first two years.
This means that someone saving £2,400 – the maximum amount they could deposit over four years – could receive a £1,200 bonus from the government.
Help to Save launched in 2018 and has already been used by more than half a million people. According to HMRC, 93% of savers deposit the full £50 each month. The scheme has now been extended until April 2027.
The Help to Save account is run on the National Savings & Investments (NS&I) platform, meaning your money is protected by the government.
- Find out more: best savings rates 2025
Let’s say the highest balance in your account over the first two years was £1,000, but you then had to withdraw £200.
Your first bonus payment would be worth £500, even though you have £800 in your account. This is because the bonus is based on 50% of the highest amount saved.
In years three and four, you save the maximum amount possible each month, meaning your account balance for that period peaks at £2,000.
You would then receive another £500 cash bonus, as this is based on the difference between the highest balance in years one and two (£1,000) and years three and four (£2,000).
How does Help to Save compare to other savings accounts?
Variable saving rates have been gradually decreasing since the base rate began to fall, and with more cuts possible over the year these rates could drop even lower. That said, you can find better deals if you shop around.
This table shows the top instant-access savings accounts, ordered by rate and excluding accounts that impose opening restrictions.
| Account | AER | Terms |
|---|---|---|
| Cahoot Sunny Day Saver | 5%* | £1 minimum deposit |
| Chip Instant Access Account | 4.6% | £1 minimum deposit |
| Sidekick High Yield Cash Reserve | 4.59% | £1,000 minimum deposit |
| Charter Savings Bank Easy Access | 4.59% | £1 minimum deposit |
| Kent Reliance Easy Access Account | 4.5% | £1,000 minimum deposit |
Source: Moneyfacts. Correct as of 24 April 2025, but rates are subject to change. *5% AER on balances up to £3,000.
The best instant-access savings rate currently on the market is 5% AER, offered by Cahoot. If you saved £50 a month for the next four years in an account offering this rate, you’d receive £250 in interest. That's also assuming that you don't withdraw anything and the bank doesn't change the rate during that time – because the rate is variable, there's no guarantee of that.
This compares to £1,200 in cash bonuses if you made the equivalent deposits in a Help to Save account. The government-backed scheme currently offers a much better deal for savers who can afford to put away a small amount each month.
- Find out more: the different types of savings accounts explained
Who is eligible to open a Help to Save account?
To open a Help to Save account, you must:
- be living in the UK
- be receiving universal credit
- have had take-home pay of at least £1 in your last monthly assessment period.
This marks a significant change to the previous rules. In the 2024-25 tax year, you needed to have earned at least £793.17 in your most recent assessment period to qualify.
You can continue using your account even if you stop claiming benefits, but you can’t open a new one if you’ve already used the scheme before.
If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately.
To open an account, visit the Help to Save website and sign in using your Government Gateway account details. You can also use the HMRC app. Alternatively, call the HMRC helpline on 0300 322 7093 and an adviser will help set it up for you.
Alternative ways to save
If you don’t qualify for Help to Save, there are still plenty of ways to build a savings buffer:
Lifetime Isa
The Lifetime Isa is designed to help you save for your first home or retirement.
You can save up to £4,000 each year and the government adds a 25% bonus, up to £1,000 annually.
But there are conditions: you must be aged 18 to 39 to open one, and you’ll face a withdrawal penalty if you take the money out for anything other than buying your first home or retiring after age 60.
- Find out more: best lifetime Isas 2025
Regular savings account
Traditional savings accounts pay interest on your balance, and you may be able to open a regular savings account where you deposit a limited amount each month.
- Find out more: best savings rates
Cash Isa
A cash Isa is a tax-free savings account where you can save up to £20,000 each tax year. There are different types available, including instant-access, regular savings and fixed-rate Isas.
- Find out more: best cash Isa rates 2025
Premium bonds
Premium bonds from NS&I offer a different way to save. Instead of earning interest, your savings are entered into a monthly prize draw, with tax-free prizes ranging from £25 to £1m.
The current prize fund rate is 3.8%, but returns aren’t guaranteed — you could win big, or nothing at all.
- Find out more: are premium bonds worth buying?
