Get 50% savings boost with Help to Save

2 mins read

Thursday 15 December 2022

Tags: benefits, universal credit, money, help to save, banking, savings

Our Counting the Costs research found that more than half of families with disabled children have no savings.

We know money is tight, raising a disabled child costs threes time more, and the idea of saving seems like a distant dream for many families right now.

However, if you do have a small amount to put away, people on Universal Credit or Working Tax Credit can boost their savings by 50% with the government’s Help to Save scheme.

What is Help to Save?

Help to Save is a government savings account. As it is backed by the government, all savings in the scheme are secure.

Help to Save allows eligible people to get a bonus of 50p for every £1 they save over four years.

How does it work?

You can save between £1 and £50 each calendar month. You do not have to pay money in every month.

You’ll get a 50% bonus on your highest savings amount at the end of two years.

Two years later, you’ll receive another 50% bonus. This will be on the difference between the highest savings amount in years 3-4 and the highest savings amount in years 1-2.

You can make withdrawals at any time. You’ll still get the bonus on the highest amount reached in the account, rather than the amount remaining at the end of the two years.

Here’s an example:

After two years, you’ve saved £720 by paying in £30 each month. You’ll receive a bonus of £360, which is 50% of £720.

In the next two years, you bring your savings up to £1,200, then withdraw £200. At the end of year 4, there is £1,000 in your account. You’ll still get a 50% bonus on the difference between £1,200 and £720, which is £480. Your second bonus will be worth £240.

After four years, your account will close.

Does Help to Save affect my benefits?

If you or your partner have more than £6,000 in personal saving, this will affect how much Universal Credit or Housing Benefit you get.

Any savings or bonuses you earn through Help to Save will not affect how much Working Tax Credit you get.

How do I apply?

Online at Help to Save on

You will need to sign in to your Government Gateway account (the same details you use for your tax credits account). You can also call HMRC on 0300 322 7093.