UK’s Help to Save program distributes £300 million to low-income savers
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HM Revenue and Customs (HMRC) in the United Kingdom has distributed over £300 million through its Help to Save program to people with low incomes.
The program encourages saving by offering a 50% government bonus on deposits, with a maximum potential bonus of £1,200 on £2,400 saved over four years. More than 656,000 people have opened Help to Save accounts since the scheme launched in September 2018, depositing a collective £676.7 million.
Most account holders, 94%, save the maximum of £50 each month. People can deposit money via debit card, standing order, or bank transfer, and can also manage their accounts through the HMRC app. Starting in 2028, the program will expand eligibility to include all Universal Credit claimants with caring responsibilities, potentially opening the scheme to an additional 1.5 million households.
HMRC also plans to broaden access by allowing banks, building societies, and credit unions to offer Help to Save accounts directly to eligible customers, moving from a single provider model. The program, initially set to end in 2023, has been extended indefinitely.
