The government launched the Help to Save scheme in September 2018 aimed at helping those on low incomes to boost their savings. Under the scheme, eligible savers could deposit between £1 and £50 each month and receive a 50% government bonus. This 50% bonus will be paid at the end of the second year and fourth year and is the amount is based on how much account holders have saved. The bonus is paid directly to the account holder. For those who opened their Help to Save accounts between Sept 2018 and Feb 2019, the first bonus payment will already have been paid out.

More than 42,000 new Help to Save accounts were opened between Aug 2020 and Jan 2021 according to new figures published by HMRC, and almost 217,000 individuals have made a deposit into their Help to Save account with an average monthly deposit per person of £48, as at 31 Jan 2021.

Under the scheme, account holders on low incomes can receive a maximum bonus of up to £1,200 on savings of £2,400 for 4 years from the date the account is opened. The scheme is open to most working people who receive Working Tax Credits or Universal Credit. Eligible individuals can set up a Help to Save savings account at any time until September 2023.