Help to save

Help to Save Scheme

With the rising costs of so many essentials like food and energy, many people are struggling to make ends meet. However, if you can, it is a good idea to try  to save some money regularly, even if it is a small amount. A small pot of money can help with those unforeseen costs like car repairs or a broken boiler as well as helping to budget for items such as school uniform or trips, holiday activities and outings or birthday and Christmas treats. 

The Government backed scheme Help to Save, is available for those who receive Working Tax Credit or are working and receive Universal Credit. It works exactly like a savings account but for every £1 saved, a generous bonus of 50p is credited. 

How much can I save each month?

Each month, you can use your debit card, a standing order or bank transfer to pay any amount between £1 and £50 into your Help to Save account. There is no requirement to put money into the account every month and you can vary the amount, up to the value of £50, depending on what you can spare. 

How can I take money out of my Help to Save account?

This account does not have a debit card. To withdraw funds, you need to transfer money from your Help to Save account to your usual bank account. 

How do I receive the bonuses?

Your tax-free bonuses will be paid directly into your usual bank account, not your Help to Save  account. 

You will receive 2 bonuses over 4 years - one at the end of Year 2 and the other at the end of Year 4. Your bonuses will be paid even if you withdraw money and will be  50% of the highest balance you had in each two-year period. 


You pay in £10 every calendar month for 2 years. You do not withdraw any money. Your highest balance will be £240 at the end of Year 2. So, your first bonus will be £120 - that is 50% of £240. 

In years 3 and 4 you save a total of £100 to grow your highest balance from £240 to £340. Your final bonus will be £50, which is 50% of the total amount you saved over Years 3 and 4. You may have withdrawn some money but because your highest balance during years 3 & 4 was £340, your bonus is not affected. 

For more information