UK Credit

Universal Credit claimants could get a £1,200 bonus from Help to Save | Personal finance | Finance

Help to Save pays out a 50% bonus on every pound a person saves into the account for four years. The bonus pays a maximum of £1,200.

People can save between £1 and £50 per calendar month.

There is no obligation to pay money each month.

There is also no limit to the number of times a person can pay, but the maximum they can pay each calendar month is £50, or £2,400 over four years.

For example, if someone has saved £50 before February 8, 2022, they will not be able to pay again until March 1, 2022.

Bonuses are paid at the end of the second and fourth years.

Importantly, they are paid based on the amount a person has saved.

The bonus for the first two years is paid out of the highest amount a person had in the account over the two years – not the amount that is there at the end.

The bonus in the next two years is paid on the amount that a person’s highest balance in years three and four (let’s call this balance A) exceeds their highest balance in years one and two ( balance B).


The bonus is 50% of the difference between balance A and balance B at their highest level.

If a person’s highest balance does not increase, they will not earn a final bonus.

People can deposit money into their Help Savings account by debit card, wire transfer, or wire transfer.

It is only possible to withdraw money from a Savings Aid account to a bank account.

Withdrawing money affects a person’s ability to increase their highest balance and earn the biggest bonuses possible.

Bonuses are paid into a bank account and not into a Savings Assistance account.

It is not possible to open a joint Savings Aid account as it is only available to one eligible person.

To qualify, a person must receive a working tax credit or qualify for a working tax credit and receive a child tax credit.

A person applying for Universal Credit who has earned £617.73 or more from paid work in their last monthly assessment period is also eligible.

They must be UK residents to apply (or serving overseas as a servant of the Crown or in the Armed Forces).

Any money earned from a savings assistance bonus will not affect the
Universal Credit or Working Tax Credit payments.

To apply online it is necessary to have UK bank details and a Government Gateway user ID ready.

The Help to Save scheme is administered by HM Revenue and Customs (HMRC) and the account is managed by National Savings and Investments (NS&I).

When the program was launched, around 3.5 million people in the UK were initially estimated to be eligible.