United Kingdom Help to Save: bonuses and eligibility
Help to Save combines a monthly deposit limit with bonuses based on the highest balances saved. Eligibility depends on Universal Credit, take-home pay and residence.
- Monthly deposits
- £1 to £50 per calendar month; payments are optional each month.
- Bonuses
- 50% of the relevant balance measure after 2 and 4 years.HMRC, Help to Save bonuses
Monthly deposits
Deposits can range from £1 to £50 each calendar month. HMRC, Help to Save (opens in a new tab).
Payments are optional each month, and multiple deposits cannot exceed the £50 monthly limit. The account closes after 4 years and cannot be reopened or replaced with another Help to Save account. HMRC, Help to Save (opens in a new tab).
Two balance-based bonuses
After the first 2 years, the first bonus is 50% of the highest balance saved. After 4 years, the final bonus is 50% of the increase between the highest balance in the first 2 years and the highest balance in the last 2 years. No increase means no final bonus. HMRC, Help to Save bonuses (opens in a new tab).
Bonuses are tax-free and paid into the holder’s bank account rather than the Help to Save account. Withdrawals can make it harder to increase the highest balance and can affect whether a final bonus is earned. HMRC, Help to Save bonuses (opens in a new tab).
Eligibility
An account can be opened by someone receiving Universal Credit whose take-home pay, together with a partner’s pay for a joint claim, was £1 or more in the last monthly assessment period. Take-home pay means pay after deductions. Partners receiving payments as a couple can each apply separately. HMRC, Help to Save eligibility (opens in a new tab).
The applicant must be living in the UK. Overseas exceptions cover Crown servants and members of the British armed forces, and their spouses or civil partners. An existing account can continue to be used after benefits stop. HMRC, Help to Save eligibility (opens in a new tab).
Scope
This is general information adapted from HMRC material under the Open Government Licence v3.0, without endorsement. It does not decide eligibility or model withdrawals or benefit interactions. No matching calculator or worked example is available here.