On a low income? Get a free boost to your savings from the government with Help To Save

The government’s scheme to help low-paid workers save money was finally introduced this month: here's our guide to how it works, whether you could benefit, and how you can get the most out of it.

Help-To-Save

Who can get it

Help To Save is for people who get either Working Tax Credits or Universal Credit, and whose monthly household income (not counting Universal Credit) is above a certain level, roughly equivalent to working 16 hours per week at minimum wage. If your benefit entitlement ends after you open your Help To Save account you can keep using your account.

How it works

You can put up to £50 a month into your Help To Save account for up to four years. At the end of the first two years, you get a bonus - paid into your bank account - of 50% of the highest balance you’ve saved in that time. If you keep saving for a further two years you’ll get a final bonus: 50% of the savings you’ve paid into your account over the last two years. If you pay in the £50 maximum every month you could earn a total bonus of £1,200, which is yours to spend on whatever you like - you could use it to clear some of your debts.

During the pilot, 45,000 savers saved £3 million between them.

Can I save while I’m on a debt management plan?

Yes – and we recommend that you try to. We know it can be hard to put money aside, especially when you’re on a tight DMP budget. But the great thing about Help To Save is that you get a 50p bonus for every single pound you save - so even if you’re only able to put away a few quid here and there, you’ll still be rewarded for saving. It’s definitely worth doing if you’re eligible.

Don’t forget, though, that withdrawing money from a Help To Save account takes around three days, so it’s not a suitable way to save emergency funds. Also, although the savings and bonus payment are not taxed, they may affect your eligibility for certain benefits. Visit the government’s website for more information and to apply.

Need expert help with your debts? Complete our form to request a callbackRequest a callback
  • 0161 669 8925
  • 0161 669 8925

Articles home

Top of page

What solutions are available?
Complete the form and our friendly advisor will call you back to discuss the best way forward.

Your total debt?

£2,000

Just a few more details before we calculate your results

Go to final step
Go to final step

We just need a few more details

Please remember, the form above is just an information tool. One of our advisors will be in touch to answer any questions you may have and offer you more personalised advice on how to resolve your debt problems.
About us

We've been helping people get out of debt for almost 20 years. Read more about what we do and the charities we support.

Read more
Fees & key info

Read more about the fees involved with each of the solutions we provide.

Download the Insolvency Service guide to dealing with creditors.

Read here for information about our Complaints Procedure and referring a complaint to the Financial Ombudsman Service.

Conditions Apply. Repaying your debt over a longer period of time can increase the total amount to be repaid. Your ability to obtain credit will be affected. Fees are payable when continuing service is provided.
Our awards

Every month we help 1000s of people to get out of debt. We are proud of the service we provide and of the awards we've received.

Read more
Top 5 tips for
beating debt

Read our top 5 expert tips on how to beat debt and deal with your lenders.

Read more