You need to be aware of the new changes to Earn a PS1,200 Bonus with Help to Save!
How does Help to Save work?
Help to Save, a government-funded savings program, is designed to encourage people receiving certain benefits to save money. The government will add 50p for every PS1 that you save. This is a 50% return, which you won’t find in most savings accounts today! The account can be kept for up to four years. Bonuses are given twice, once after the first two years of holding the account and then again at the end. By the end of four years you will have saved PS2,400 and the government has added an additional PS1,200. This is a great way to boost your savings without putting in much effort. Even if you miss a month, or you only save a little bit in some months, you will still be eligible for the 50% bonus.
For instance, saving just PS25 a month over two years would still give you a PS600 bonus!More time to take advantage
Originally, the Help to Save scheme was set to end in April 2025. With the Budget update it was extended to April 2027.
This gives people two more years to jump on board and start building their savings with a little extra help from the government.
Expanded eligibility for Universal Credit claimants
The government has also relaxed the eligibility rules for Universal Credit claimants. To qualify, you must have earned PS722.45 or more in the last assessment period. Starting April 2025 any Universal Credit claimant earning at least PS1 per month can open an account with Help to Save.
This change makes it possible for even more people to benefit from the scheme, including those working fewer hours or earning less each month.
How to open a ‘Help to Save’ account
Getting started with Help to Save is easy. To open your account, visit the Help to Save site or call 0300 3227093. If you are a couple receiving benefits together, you can each open your own Help to Save account. This is true even if the household receives benefits jointly.
This can double the benefits if both of you participate, giving each partner the opportunity to save and earn a bonus individually.
Be mindful of benefit limits
While Help to Save offers significant savings advantages, it’s essential to keep an eye on your overall savings if you receive other benefits. If you receive Universal Credit or Housing Benefit your total savings, including your Help to Save balance, should not exceed PS6,000. If you go over this threshold, your benefits might be reduced.
However, for those on Working Tax Credit, there’s no impact from your Help to Save savings or bonuses, so you can save with a bit more peace of mind.
Why consider ‘Help to Save’?
With rising living costs, finding ways to save can be challenging, especially on a tight budget. Help to Save offers a 50% bonus for any amount you save, no matter what size. The Help to Save account is a great way to save money for an emergency fund or to achieve a future goal. It can also be used to give you a little extra financial security.
It’s all about making small, regular savings that add up over time–and with the government chipping in, you can be sure your efforts won’t go unnoticed.
Ricky Willis is the original Skint Dad. Money-making enthusiast and father to Naomi. He’s always on the lookout for new ways to make a little more money.
