HM Revenue and Customs has told 7.5 million people in the UK they can get a £1,200 cash boost. Taking to X, HMRC said anyone on Universal Credit can benefit from Help to Save accounts – where the Government will add 50p for every £1 they save over 4 years.
As of August 2025, there were approximately 7.5 million people on Universal Credit in the UK. This number has increased from 6.4 million in January 2024. Help to Save, which has been backed by personal finance expert Martin Lewis is a type of savings account. It allows certain people receiving Universal Credit to get a bonus of 50p for every £1 they save over 4 years.
Help to Save is backed by the government so all savings in the scheme are secure. HMRC says people can save between £1 and £50 each calendar month and do not have to pay money in every month.
People can pay in using debit card, standing order or bank transfer. HMRC said :”You can pay in as many times as you like, but the most you can pay in each calendar month is £50. For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February.
“You can only withdraw money from your Help to Save account to your bank account. You get bonuses at the end of the second and fourth years. They’re based on how much you’ve saved.”
After 4 years HMRC said: “Your Help to Save account will close 4 years after you open it. You will not be able to reopen it or open another Help to Save account. You’ll be able to keep the money from your account.”
Martin Lewis, the founder of Money Saving Expert, has previously lauded the scheme for its risk-free benefit, dubbing it ‘unbeatable’. On social media platform X, formerly known as Twitter, he advised: “If you know anyone on Universal Credit especially please do share this with them. It’s an unbeatable form of savings, that can add serious cash with no risk.”
The money-saving guru has encouraged people to utilise the government’s Help to Save scheme, which offers a 50% bonus on savings. He elaborated: “So look in help to save. If you’re eligible for it, you can put up to 50 quid a month in over two years, and then at the end you get 50% of the highest amount in.
“So let’s just think of this. You put £50 in a month for a year, you’ve got 600 quid. You have a nightmare because this is all about building financial resilience and getting people to have some savings. You have a nightmare, your fridge is broken.”
“You need it for the kids. You spend your 600 quid you can’t afford to put any more in. At the end of the two years, the highest amount you had in was £600. You get 50% of that, which is £300. So you get £300 and then whatever you’ve got in at that point, they do it again for the next two years, comparing what you have at the end with what you’re having at the beginning, and you get a 50% bonus.”
Under this program, people who are receiving Working Tax Credit or Universal Credit have the choice to save any amount from £1 to £50 monthly, though there’s no compulsion to make deposits every month. Savers can put money into their accounts using a debit card, standing order, or bank transfer and aren’t capped on the number of times they can contribute each month, just as long as they stay within the £50 limit.
The second bonus is calculated as 50% of the difference between the highest balance saved in the first two years and that in the last two. They note: “If your highest balance does not increase, you will not earn a final bonus.”
With the ability to deposit up to £50 per calendar month into the account, totalling £2,400 over four years, savers could potentially accumulate up to £1,200 in bonus money. The HMRC clarifies that bonuses are paid directly into the saver’s bank account, not the Help to Save account.
To help illustrate how this works, the HMRC provides an example: “You pay in £25 every calendar month for 2 years. You do not withdraw any money. Your highest balance will be £600. Your first bonus is £300, which is 50% of £600. In years 3 and 4 you save an extra £200 to grow your highest balance from £600 to £800. Your final bonus is £100, which is 50% of £200. Even though you withdrew some money after your balance was £800, this does not affect your bonus.”
Nearly half a million savers have taken advantage of the Help to Save account since its inception in September 2018, pouring a hefty £372.5 million into their savings. Myrtle Lloyd, HMRC’s Director General for Customer Services, encouraged further uptake: “Hundreds of thousands of people are benefitting from Help to Save. It’s a great way of saving whatever you can and the government will top up your savings by 50%. It’s quick and easy to apply online or via the HMRC app. Just search ‘Help to Save’ on GOV.UK to find out more and apply today.”
Looking to apply? Simply follow this link for the scheme.