Thousands more can now claim free cash from the government

Struggling to save? You’re not alone. But the government has just made it easier to build a bit of a safety net.

A top savings scheme is now open to over half a million more people – and you could get up to £1,200 in free cash.

The Help to Save scheme – which rewards low earners for putting money away – has been extended to April 2027. Even better, it now covers anyone working and receiving universal credit.

That means around 550,000 more people can now open an account and start growing their savings with a government top-up.

Save £50, get £25 back – every month

This is how Help to Save works. If you save £50 a month, you’ll get £25 back – that’s a 50% bonus straight from the government. You can save as little as £1 a month, with bonuses being applied to the highest balance achieved over two 24-month periods. These bonuses are paid in the second and fourth years.

Over four years, savers could pocket £1,200 in free top-ups.

Easy to open – takes less than 5 minutes

You can open a Help to Save account in just minutes through GOV.UK or the HMRC app. You can:

• save between £1 and £50 a month
• get 50p for every £1 you save
• access your account anytime on your phone
• withdraw money if you need to (but it might affect your bonus)

Who can apply?

To be eligible, you must be:

• receiving universal credit and have earnt at least £722.45 in your last assessment period
  OR
• getting working tax credit, or entitled to working tax credit and also receiving child tax credit

Get started today

The scheme has already paid out millions in bonuses to over 500,000 people since it launched. So if you’re looking a build a rainy-day fund, this could be the perfect opportunity.