HMRC has announced that over 550,000 additional UK savers will be eligible for Government bonuses of up to £25 per month to boost their savings and alleviate the impact of rising living costs.
As part of the Government's efforts to drive economic growth and improve lives across the UK, the Help to Save scheme has been expanded to include anyone working and receiving Universal Credit. Since its inception in 2018, 15,650 Help to Save savers in Northern Ireland have deposited a total of £14,700,000 into their accounts.
The extension of the scheme until April 2027 will enable more people to benefit from it. Notably, 93% of savers have been contributing the maximum £50 per month to their Help to Save accounts.
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Setting up an account takes less than 5 minutes and can be easily managed through GOV.UK or the HMRC app, making it accessible to people across the UK.
Savers who deposit the maximum amount of £2,400 over four years will receive a bonus totalling £1,200 into their bank accounts, with payments made at the end of the second and final year.
Economic Secretary Emma Reynolds stated: “Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.”
Myrtle Lloyd, HMRC’s Director General for Customer Services, said: “Thousands of customers have already benefited from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today
”Savers can deposit between £1 and £50 each month, earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. The bonus payment applies to the highest amount saved within the period.
"Nearly 18,500 people opened a Help to Save account via the HMRC app in 2024. App users have access to their savings account at their fingertips. They can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Money can be withdrawn at any time, although this may affect the 50% bonus payments."
Michelle Highman, Chief Executive of The Money Charity, added: 'We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings.”
Find out more about Help to Save at GOV.UK.
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