The ability to save for the future is not always seen as a feasible option for most people. However, that is a barrier that can be overcome by boosting one’s understanding of various savings strategies. One particular group of citizens could claim a £1,200 bonus by saving up to £50 per month. This scheme will remain in effect until 2027. Find out today what the eligibility requirements are to determine whether you could qualify for this unique savings bonus.
These additional savings could make a difference
The unemployment and low-income rates in the UK are staggering. The House of Commons Library confirmed that 1.67 million people were found to be unemployed between May to July in 2025. 18% of the population was deemed low-income after housing costs between 2023 and 2024. This is why the Universal Credit is lifesaving to many.
According to the Department for Work and Pensions (DWP), the latest figures indicate that 8 million people claim Universal Credit. People with low income, who are unemployed, or who are unable to work, qualify for Universal Credit in the UK Government. One thing several employed claimants do not know is that they could qualify for a unique bonus to support their savings.
Only this group of people will qualify for the savings bonus
This acheme is called Help to Save, which will allow eligible people to deposit between £1 and £50 monthly and earn 50p for every £1 saved. In the second and fourth year, account holders will be awarded with unique bonuses. You can withdraw your savings anytime. However, this will impact your 50% bonus amount. The account closes after four years.
There have been several changes this financial year, and next year could even hold a significant boost for millions of pensioners. According to the Daily Record, a rule change at the start of the new financial year resulted in nearly 3 million Universal Credit claimants now qualifying for Help to Save. The scheme’s extension will only benefit people until April 2027.
Requirements to qualify for Help to Save
- You claim Universal Credit
- You (with your partner if it’s a joint claim) had a take-home pay (after deductions) of £1 or more in the prior monthly assessment period
- You and your partner applied separately
- You reside in the UK, or
- You are a crown servant or their spouse or civil partner, or
- You are a member of the British armed forces or their spouse or civil partner
You can claim this bonus amount when saving this much
According to Cambridgeshire Live, 93% of users have deposited the maximum of £50 into their accounts each month. Deposits can be made with a debit card, bank transfer, or a standing order. Take note that you can only withdraw money to your bank account. Your bonus payments will be reduced if you withdraw money before the end of the second and fourth years. If you withdraw nothing for four years, your total savings will be £3,600 when the account closes.
How it works
If you deposit £50 each month for two years, your total deposit will be £1,200. After two years, you receive a 50% bonus of your savings, which will be £600. The second 50% bonus is paid out in the fourth year, which will be another £600 if you continue to deposit £50 monthly. That means you will have an impressive £1,200 bonus after four years of saving.
Setting up a Help to Save account is simple. You do not have to deposit savings immediately, and you can manage your Help to Save account by visiting the GOV.UK website or by using the app. If you are concerned about Tax Credits or Universal Credit, you can continue to claim these credits while saving with Help to Save. This unique savings strategy will be helpful when it comes to saving the newly confirmed nationwide payout of £175.
Disclaimer: Our coverage of one-off payments, support payments, tax reliefs, tax refunds, tax credits and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
