HMRC issued an alert on Wednesday
HM Revenue and Customs (HMRC) has announced that more families receiving Universal Credit are now able to access a programme that could leave them up to £1,200 better off. The originally temporary measure has been made permanent, with HMRC stating that from April 2028, as many as 1.5m extra families will qualify under broader eligibility criteria.
Chancellor Rachel Reeves made the Help to Save scheme permanent during last week’s Budget announcement, despite it being scheduled to end in 2027. HMRC has since posted on X, previously Twitter: “Help to Save is here to stay – and more families can benefit.
“The scheme has been made permanent, and from April 2028, up to 1.5 million more families will be eligible thanks to expanded criteria. That means more support for those on low incomes, including people on Universal Credit with caring responsibilities.”
Latest statistics from HM Revenue and Customs (HMRC) reveal that almost half a million people on low incomes have already collected more than £220 million in bonus payments via the Help to Save programme, with bonuses totalling up to £1,200. Current Department for Work and Pensions (DWP) figures show approximately 8.3 million people are claiming Universal Credit, suggesting millions could stand to gain from this initiative.
Help to Save, a scheme launched by the UK Government, is designed to promote savings amongst those on lower incomes by providing a 50% bonus on their saved money. Participants can contribute anywhere from £1 to £50 each month, earning an extra 50p for every £1 they put away.
If savers manage to set aside the maximum sum of £2,400 over a four-year period (£50 per month), they’ll be rewarded with a total bonus of £1,200, which will be deposited into their bank accounts at the end of the second and fourth year.
A significant number of customers, around one in five, have opted to open a Help to Save account via the HMRC app, which enables users to keep track of their deposits and view their bonus payments.
Deposits into Help to Save accounts can be made through various methods including debit card, standing order or bank transfer. Withdrawals are permitted at any time, but bear in mind that this could affect your bonus.