UK Help to Save scheme pays out over £300 million in bonuses

The UK government’s Help to Save scheme has paid out more than £300 million in bonuses to low-income savers. As of April 2026, 656,700 accounts had been opened, with total deposits reaching £676.7 million.

Under the scheme, eligible participants can save between £1 and £50 per month. The government provides a 50% bonus on qualifying savings, which can result in a total bonus of up to £1,200 over a four-year period. Bonuses are calculated based on the highest balances maintained during specific two-year intervals and are paid directly into the saver's bank account.

Expansion of the program is planned for 2028. At that time, earning criteria will be removed for individuals with caring responsibilities, and the scheme will open to all Universal Credit claimants. These changes are expected to make an additional 1.5 million households eligible for the benefits.