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New government savings scheme

Help to Save is an exciting new Government savings offer, designed to help working people on low incomes to build up their savings.

The accounts are government-backed, simple to open, and flexible. Savers can pay in from £1 to £50 each calendar month. Customers making the maximum deposit of £2,400 over four years without making withdrawals will receive government bonuses of £1,200 (50p for every £1 of eligible savings instead of interest).

There is no minimum account balance or monthly transfer needed to keep a Help to Save account open.

You can also choose to skip payments, although the less money saved the smaller the final bonus.

You can withdraw money at any time from your account. However withdrawing money will make it harder to increase the highest balance in the account, and therefore get the biggest bonus.

You can choose to close your Help to Save account at any time but will not be entitled to any unpaid bonus and will be unable to re-open an account.

Eligible customers have up to five years to open an account (from September 2018), so you can decide when the time is right for you.
Find out more at

Who is eligible for Help to Save?

To be eligible for Help to Save, you must
be a UK resident and:
be receiving Working Tax Credit; or
have a nil award of Working Tax Credit but receiving Child Tax Credit; or
be in receipt of Universal Credit with minimum individual or household earnings equivalent to 16 hours times the National Living Wage in their last income assessment period (that’s £542.88 during the financial year 2018-19).

If you have a joint Universal Credit or tax credits award, both partners can open an account.

Where can you apply?

You can open an account online at or by using the HMRC app.

Tax credits customers can use their personal tax account – see ‘Manage my tax credits’.

For more information, call 0300 322 7093.



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