HMRC launch ‘Help to Save’ a low-wage worker savings scheme

14 September 2018

HMRC has launched a new savings scheme which could benefit up to 4m people on low incomes. Investors will receive 50p from the Government for every £1 they pay into the Help to Save scheme.

The accounts are simple to open and flexible. Savers can pay in from £1 to £50 each calendar month. The maximum deposit over a four-year period is £2,400, which will mean a government bonus of up to £1,200. Bonuses are paid after two and four years

Help to Save is available to support working people on Tax Credit and Universal Credit. It has been successfully trialled with customers since January 2018, rolling out in stages to increasing numbers, with more than 45,000 accounts opened and more than £3 million in deposits.

People can find out more about the Help to Save scheme, check eligibility and open an account at or by downloading a free HMRC app for iOS and Android devices. Tax Credit customers can also link to the application pages through their Personal Tax Account

If you are an employer you could share some information with your employees if you think they may be eligible.

10 things about Help to Save

  1. Help to Save you get a 50% bonus on your savings. So you can earn 50p for every £1 you save.
  2. Help to Save is available for working people who receive tax credits or Universal Credit – to check if you’re eligible, go to
  3. Opening online account takes on average less than 5 minutes.
  4. Paying in is easy – You can set up a standing order to make regular payments into your Help to Save account on a weekly, fortnightly, or monthly basis to fit the way that you manage your money. You can also make one-off payments by debit card when you are in your online account. Note that any payments, including standing orders, need to arrive in your account before the last working day of the month to ensure they are credited to that month – don’t get caught out by weekends and public holidays.
  5. You can withdraw money at any time from your account if you need to – although this could affect the size of your bonus.
  6. You can continue to receive tax credits or Universal Credit while saving with Help to Save.
  7. If your situation changes and you stop receiving Working Tax Credit or Universal Credit, you can still save and receive any bonus you are entitled to.
  8. Help to Save is backed by the government which means the money you save is secure.
  9. Help to Save accounts will be available to open from 12 September 2018 and up to September 2023.
  10. If you don’t have access to the internet, you can still get an account. Call 0300 322 7093 and our helpline advisers will help you get set up.