Millions of Britons could benefit from £1,200 cash paid directly into bank account - 'It's totally unbeatable'
Savers can pay in any amount between £1 up to a maximum of £50 a month
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Britons have just months left to secure a "totally unbeatable" savings opportunity that could get them up to £1,200 in Government bonuses.
The Help to Save scheme, which offers a generous 50p bonus for every £1 saved over four years, will undergo significant changes in April 2025.
Martin Lewis, money saving expert has urged eligible benefit recipients to act swiftly to take advantage of the current terms before the deadline.
The Government-backed scheme allows people to save up to £50 monthly, with savings fully protected and bonuses paid at the two and four-year marks.
The scheme offers savers the chance to deposit between £1 and £50 each calendar month, with no obligation to save every month.
Speaking on his ITV show this week, Lewis said: "Imagine you put in £50 a month for a year, you've now got £600 in, unfortunately you've had an emergency and you have to take it out. You can't put any more in for the rest of the two years... you still get £300 bonus even though you've got nothing in the account."
One viewer named Lucy wrote to the show confirming: "I started a Help to Save account after seeing it on the show, I get my two year bonus next month of over £500."
From April 2025, the eligibility criteria for Help to Save will expand significantly, opening the scheme to all working Universal Credit claimants earning at least £1 monthly.
Britons can open a Help to Save account if they’re receiving:
- Working Tax Credit
- Child Tax Credit – and you’re entitled to Working Tax Credit
- Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £793.17 or more in their last monthly assessment period
The scheme, which was originally launched in 2018, has already been extended until April 2027. However, those hoping to benefit from the current terms must open their accounts before April 2025.
With approximately 5.7 million households across Britain now claiming Universal Credit, millions more could soon become eligible for this savings opportunity.
Myron Jobson, Senior Personal Finance Analyst at Interactive investors said: "On paper, Help to Save is a great initiative to help instill a culture of savings among the nation's most cash-strapped individuals."
He emphasised that "a 50 per cent savings bonus is too good a carrot to pass up" for those who can afford it.
Jobson added: "The bonuses are paid after the first two years and again at the end of the four-year period."
Those opening accounts this month could receive their first £175 bonus payment in October 2026.
Importantly, savers only need to meet eligibility criteria on the day they open their account. Even if circumstances change and benefits stop, the account remains active and can continue receiving deposits.
Money can be withdrawn at any time through the online account or HMRC app, though transfers may take up to three working days.
Those who close their account early will miss their next bonus and cannot open another Help to Save account.
Couples receiving Universal Credit can each apply for their own individual accounts.