Latest news with #HelptoSave
Scottish Sun
09-07-2025
- Business
- Scottish Sun
‘Unbeatable' bank account for millions on Universal Credit that could help you save £1,200
We explain how the scheme works and how much you can get BANK ON IT 'Unbeatable' bank account for millions on Universal Credit that could help you save £1,200 MILLIONS of people on Universal Credit could earn £1,200 in free cash with an 'unbeatable' bank account. Help to Save is a type of savings account that gives you a 50% bonus on any money you squirrel away. Advertisement 1 Millions of people on Universal Credit can get £1,200 free cash with bank account Credit: Getty Anyone on Working Tax Credit or receiving Universal Credit can open one. You can pay in between £1 and £50 each calendar month and save into the account for up to four years. The bonuses are paid at the end of the second and fourth years, with the maximum bonus worth £1,200. If you paid in the maximum of £50 a month for a year then you could earn £300 over the year. Advertisement But if you opened the account now and paid into it until the new year then you would earn £125. The scheme has paid out millions of pounds to more than 500,000 people since it was launched in 2018. Meanwhile, MoneySavingExpert founder Martin Lewis has described the account as 'unbeatable'. But David Cameron, who launched Help to Save when he was Prime Minister, said up to 3.5million people could be eligible for the scheme, meaning millions are missing out. Advertisement How does Help to Save work? Help to Save is a type of savings account that is available to people who receive Tax Credits and Universal Credit. The scheme is government-backed so all of your money is protected and you will not lose anything you pay in. You can open a Help to Save account if you are receiving Universal Credit and you had a take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions such as tax or National Insurance. Advertisement If you stop claiming benefits you can keep using your Help to Save account. One thing to consider is that if your Help to Save cash means you have more than £6,000 in personal savings, it can affect whether you are eligible for some benefits and how much you get. How you can find the best savings rates If you are trying to find the best savings rate there are websites you can use that can show you the best rates available. Doing some research on websites such as MoneyFacts and price comparison sites including Compare the Market and Go Compare will quickly show you what's out there. These websites let you tailor your searches to an account type that suits you. There are three types of savings accounts fixed, easy access, and regular saver. A fixed-rate savings account offers some of the highest interest rates but comes at the cost of being unable to withdraw your cash within the agreed term. This means that your money is locked in, so even if interest rates increase you are unable to move your money and switch to a better account. Some providers give the option to withdraw but it comes with a hefty fee. An easy-access account does what it says on the tin and usually allow unlimited cash withdrawals. These accounts do tend to come with lower returns but are a good option if you want the freedom to move your money without being charged a penalty fee. Lastly is a regular saver account, these accounts generate decent returns but only on the basis that you pay a set amount in each month. If you or your partner have £6,000 or less in personal savings, this will not affect how much Universal Credit or Housing Benefit you get. This includes any savings in your Help to Save account, including bonuses. Advertisement Any savings or bonuses you earn through Help to Save will also not affect how much Working Tax Credit you get. Are there any other options? If you're not on Universal Credit or Tax Credits so don't qualify for a Help to Save account, you do have some other options. It is always a good idea to have an easy-access savings account so you can withdraw money whenever you need to. But make sure you read the small print as some have withdrawal limits which if you breach could mean your interest rate falls. Advertisement At time of writing you can get 5% on savings of up to £3,000,000 with Chase Bank and there is no minimum pay in. Meanwhile, you can earn 4.75% with Atom Bank and can open the account with just £1. But if you make a withdrawal in a month then the rate drops to 2.5%. Another option is a regular savings account, which allows you to put money away each month and the interest is paid yearly. Advertisement These accounts offer higher interest rates than traditional or easy-access savings accounts but usually impose rigid rules such as limiting the number of withdrawals you can make. They will also usually cap how much you can save. Zopa customers can earn 7.1% interest on up to £300 a month with its regular savings account. To be eligible you need to have a Zopa 'Biscuit' current account. Advertisement First Direct will give you 7% interest if you pay in between £25 and £300 a month into its regular savings account. If you paid in the maximum £300 a year then you would earn £135 a year in interest. But if you close the account early then you will only get 1.75% interest. Do you have a money problem that needs sorting? Get in touch by emailing money-sm@ Advertisement Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Daily Mirror
08-07-2025
- Business
- Daily Mirror
Universal Credit recipients missing out on £25 bonus
The Help to Save account has been extended to April 2027, potentially earning people more than £500 HMRC has announced an extension to the Help to Save account until April 2027, a government initiative designed to encourage those on Universal Credit earning £1 or more each month to save money. The scheme allows people to save up to £50 per month, with the government providing a monthly top-up based on the amount saved. If the maximum £50 is put away, the bonus will be £25 from the government each month, according to the Daily Record. More than half a million people are already set to receive the bonus and it's estimated that thousands more are eligible to open an account. Among current account holders, 93% consistently save the maximum £50 each month. Although the bonus is calculated monthly, it is distributed as two tax-free bonuses over a four-year period. These bonuses are determined by the highest balance saved during the first two and last two years of the account. The maximum contribution to the account each calendar month is £50, totalling £2,400 over four years. The maximum bonus that can be earned from savings over this period is £1,200. After four years, the account will close, but if still eligible, another Help to Save account can be opened. However, closing the account prematurely will prevent the opening of another one. If your benefits stop, the Help to Save account can continue to be used until its closure. Setting up an account takes just a few minutes if you meet the criteria, and there's no requirement to make an immediate deposit. The process can be completed entirely online through or via the HMRC app. You'll need several documents to hand when applying, including a current UK passport, details from your credit history, and your banking information. Funds can be withdrawn from the account whenever necessary. However, failing to increase your highest balance between the initial and second payment means you'll miss out on the final bonus. The bonus payment goes directly to your regular bank account rather than into your Help to Save account. Economic Secretary Emma Reynolds commented: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, added: 'Thousands of customers have already benefited from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' The Help to Save scheme was first launched in September 2018 and was originally scheduled to conclude in September 2023. In April 2025, the programme received an extension until April 2027. To qualify for a Help to Save account, you must be a recipient of Universal Credit and have earned at least £1 in take-home pay during your most recent monthly assessment period. Additionally, you must reside in the UK unless you're a Crown servant or a member of the British armed forces. It's important to bear in mind that due to the Universal Credit eligibility requirements, any funds in a Help to Save account contribute towards the £6,000 savings cap imposed on recipients. However, as long as you stay within this limit, the account won't impact your benefit payments.
Wales Online
08-07-2025
- Business
- Wales Online
Half a million Universal Credit claimants due £25 cash boost
Half a million Universal Credit claimants due £25 cash boost The account is exclusive to people receiving Universal credit and earning £1 or more per month Thousands may not realise they're eligible for the account which can add a £25 boost every month (Image: GETTY ) HMRC has confirmed that the Help to Save account will be extended to April 2027. It's a savings account exclusively for people on Universal Credit earning £1 or more each month. It allows people to save up to £50 per month, and the government adds a top-up each month depending on how much you save. If you save the maximum, the bonus will add £25 back into people's pockets each month, according to the Daily Record. More than half a million people are already in line for the bonus and the government estimates thousands more are still eligible to open the account. Of those already saving into the account, 93% put away the maximum £50 every month. The bonus is compiled each month but is paid out in two tax-free bonuses over four years. The bonuses are based on the highest balance you saved during the first two and last two years. The most you can pay into your account each calendar month is £50, which is £2,400 over 4 years. The most you can earn from your savings in 4 years is £1,200 in bonus money. After four years, the account will close, but you can open another Help to Save account if you're still eligible. However, if you close your account early, you won't be able to open another one. If your benefits stop, you can keep using your Help to Save account until it closes. Article continues below It takes a few moments to open the account if you're eligible and you don't have to deposit any money straight away. It can be opened and managed through or the HMRC app. You'll need some documents to open the account, including a valid UK passport, information on your credit record and your bank details. You can still withdraw money from the account if you need it at any time. However, if your highest balance doesn't increase between the first and second payment, you won't get a final bonus. The bonus will be paid into your bank account, not your Help to Save account. Economic Secretary Emma Reynolds said: 'Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support.' Myrtle Lloyd, HMRC's Director General for Customer Services, said: 'Thousands of customers have already benefited from Help to Save and many more are now eligible to get a great return of 50 per cent on top of their savings, no matter how little you can save each month. Go online or via the HMRC app to find out more and apply today.' Help to Save was initially launched in September 2018 and was meant to end in September 2023. In April 2025, it was extended to April 2027. To be eligible for a Help to Save account, you must be receiving Universal Credit and have £1 or more in take-home pay during your last monthly assessment period. You must also be living in the UK unless you are a Crown servant or member of the British armed forces. Article continues below It's important to note that because of the Universal Credit eligibility criteria, Help to Save counts as part of the £6,000 savings limit applied to recipients. But if you steer clear of this limit, the account won't affect your benefit payments.
Daily Record
08-07-2025
- Business
- Daily Record
Millions of people on low income eligible for UK Government bonus of up to £1,200
The UK Government has confirmed more than half a million more people in work and on Universal Credit are eligible for a unique bonus of up to £1,200 to boost their savings pots and help build financial resilience for the future. Economic Secretary Emma Reynolds also said that due to a rule change in April, some 3 million people can now take advantage of the 'Help to Save' scheme. The extension to April 2027 means more people on a low income can benefit from the scheme, which has paid out millions of pounds in bonuses to more than 500,000 people since Help to Save was launched in 2018. Some 93 per cent of scheme users have paid in the maximum £50 every month to their Help to Save account. In Scotland, 36,050 people have paid in a total of £33,584,000 into their Help to Save accounts, since September 2018. An account can be set up in just a few minutes - you don't have to deposit any money straight away - and easily managed through or the HMRC app, making it accessible to people throughout the UK. Savers who deposit the maximum amount of £2,400 over four years will (£50 per month) receive a bonus totalling £1,200 into their bank accounts, with payments coming at the end of the second and final year. In a written response to Conservative MP Blake Stephenson, who asked about the 'potential merits of extending the eligibility criteria for the Help to Save scheme', Ms Reynolds said: 'The Help to Save scheme promotes financial resilience among working people on low incomes by encouraging a regular, long-term savings habit and building a financial buffer to help people to plan and prepare for the future. 'The scheme is only available to working individuals in receipt of certain benefits. This ensures it is targeted at its intended population. 'The government has recently extended the eligibility criteria for the Help to Save scheme. From April 2025 it is available to all Universal Credit claimants in work, not just those earning over a certain amount. These changes mean that around 550,000 more people will be able to take advantage of the scheme, bringing the eligible population to 3 million.' Help to Save in a nutshell The Help to Save scheme enables people to deposit between £1 and £50 each month earning an extra 50 pence for every £1 saved, with bonuses paid in the second and fourth years of the account being opened. Money can be withdrawn at any time, although this may affect the 50 per cent bonus payments. The bonus is determined by the highest amount held in the account. App users can view their account, check their balance and bonus details, and make a deposit via debit card, bank transfer or standing order. Even if you're not able to set aside money for savings at the moment, open an account anyway, while you are eligible to do so, because you don't have to put any money in. How payments work You can save between £1 and £50 each calendar month - you don't have to pay in every month. Payments can be made by debit card, standing order or bank transfer. You can pay in as many times as you like, but the most you can pay in each calendar month is £50. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years - these are based on how much you have saved. Example: If you put £50 in each month for the first two years - a total of £1,200 - your first bonus payment would be for £600, even if you withdraw it all (but you would need to wait until the 24th month or the bonus payment would be less). Similarly, if you then add £50 for the next two years, you would receive another £600 payment. This means that in total, you could earn a free £1,200 and if you kept the money in or the whole four years, you would receive an impressive £3,600 when the account closes. What happens after four years? Your Help to Save account will close four years after you open it. You will not be able to reopen it or open another Help to Save account. You can close your account at any time. If you close your account early you will miss your next bonus and you will not be able to open another one. Eligibility You can open a Help to Save account if you're receiving Universal Credit and you (with your partner if it's a joint claim) had take-home pay of £1 or more in your last monthly assessment period. Your take-home pay is your pay after deductions (such as tax or National Insurance). If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately. You also need to be living in the UK. If you live overseas, you can apply for an account if you're either a: Crown servant or their spouse or civil partner member of the British armed forces or their spouse or civil partner If you stop claiming benefits You can keep using your Help to Save account. Will it affect my benefit payments? You can continue to receive Tax Credits or Universal Credit while saving with Help to Save. For more information and to set up your Help to Save account, visit the website here.
The Sun
26-06-2025
- Business
- The Sun
12 Universal Credit freebies and discounts you can claim this summer worth up to £4,300
PEOPLE on Universal Credit can get up to £4,300 worth of freebies and discounts this summer. Universal Credit is a monthly payment aimed at helping out unemployed and low-paid people. 1 Claimants can get upwards of £316.98 a month from the Government - but they might not know they're entitled to more help. From food vouchers to help with bills and even cheap days out, there is plenty of extra support available. Here's the full list of what you could be claiming this month. Household Support Fund – worth up to £500 The Household Support Fund has been extended until March 2026 – and it's dishing out direct payments of up to £500. The Government scheme is sharing out a pot of £742million between councils in England to help them support struggling households. Each council is setting its own rules on how it distributes the money, but many are offering vouchers or cash payments to help residents with food and energy bills. Ribble Valley Borough Council is giving out food vouchers worth between £200 to £500 to households with a combined income of less than £35,000 a year. Hartlepool Borough Council is awarding £100 food vouchers to families who have a child aged between two and 19 who is eligible for free school meals. Meanwhile City of Doncaster Council is giving a one-off payment of between £100 to £300 to families on Universal Credit. If you're outside of these areas, you should check your local council's website to see what's on offer and how to apply. Three key benefits you could be missing out on Cheap days out – save £108 You can get huge savings on days out across the UK if you're on Universal Credit. These are some examples of what you can get, but there's plenty on offer... ZSL London Zoo: Entry for £3. Adult tickets are usually priced from £27 so you can make a £24 saving Eden Project: £5 for adults or £1 for kids. Adult tickets are usually £38 and child tickets are £12, saving you £44 in total if you buy one of each Tower of London: £1 tickets for up to six people per household. It's usually £35.80 for an adult ticket, so this would save you £34.80 York Castle Museum: Free entry. It's usually £17 for an adult ticket As a single adult, you could save £108.80 in total by going to all of these attractions. But of course you'll save even more if you're taking other family members too. Healthy Start food help – worth £442 a year New parents or expectant mums can get up to £442 a year for essentials like fruit, veg and baby formula. It's part of the Healthy Start scheme, which gives you a prepaid card loaded with funds every four weeks. You can apply for it online if you're on benefits including Universal Credit or Child Tax Credit. Help to Save – get £1,200 bonus cash People on Universal Credit or Working Tax Credit have access to the Government's Help to Save scheme. This gives you a 50% top-up when you put away savings. It's available on savings of up to £50 a month, meaning you can get a maximum of £2,400 over four years. The top-up is paid as a bonus at the end of the second and fourth years. Water bill help – worth £173 You could slash your water bill by hundreds through social tariffs or the WaterSure scheme. Every water supplier has social tariffs aimed at reducing costs for low-income families or people who use lots of water due to disability or large households. The eligibility criteria and level of support depends on your supplier. For example, Affinity Water offers a low-income fixed tariff (LIFT) for customers with a household income of less than £19,995 a year. The tariff is fixed at £143.80, but if you also receive a council tax reduction then your bill will be even lower at £95.80. Affinity Water said the average household bill for 2023/24 was up to £269, which would save you £173. It's not clear what the average household bill is for this year but it's likely to have gone up. You should contact your supplier directly to see what help is available. Some firms even offer free water-saving devices like shower timers and cistern bags to bring your usage down. Free prescriptions and healthcare – up to £119 If you're on Universal Credit, you might be eligible for free NHS prescriptions, saving you £9.90 a pop – or nearly £120 a year if you get your prescription monthly. You could also get: Free dental checks Free eye tests Travel reimbursement for medical appointments Free wigs or glasses Use the NHS online checker to see what you can get. Discounted broadband and mobile contracts – worth £290 You can also get social tariffs for your broadband and mobile contract if you're on Universal Credit. The cheapest deals start at £12.50 a month for broadband. Virgin Media Essential offers £12.50 a month for 15Mbps, with no set-up cost and a rolling 30-day contract. Its standard broadband deals start at £23.99 a month for a 24-month contract, so the social tariff would save you £137.88 a year. For mobile contracts, you can get social tariffs from the likes of EE, Smarty and Voxi. Voxi For Now costs just £10 a month and gives you unlimited data for six months, plus unlimited social media, calls and texts. Its usual unlimited data contract costs £35 a month, so the social tariff would save you £150 over the six months. In total both the mobile and broadband social tariffs would save you almost £290. Council tax support – up to £4,300 Those struggling with council tax could get a major discount – or even have their bill wiped completely. Council Tax Support varies by area, but if you're on a low income or receiving Universal Credit you could save thousands. For example, the Royal Borough of Greenwich offers up to 100% council tax discounts for eligible pensioner households. Council tax is as high as £4,323.52 in Greenwich. Head to to check your eligibility. Energy bill help – up to £2,000 Energy firms like British Gas are offering hardship grants worth up to £2,000. British Gas has a Gas Energy Support Fund that pays up to £2,000, but applications have closed for now. Other suppliers like EDF, Octopus, Ovo, Next and Utilita have no set limit on payments. If you don't qualify through your supplier, charities like Turn2Us have searchable databases to help you find other grants. The Household Support Fund also covers energy costs, so you can reach out to your council now. Pregnancy grant – worth £500 Mums expecting their first child could claim a one-off £500 Sure Start Maternity Grant. It's available to those on Universal Credit or other qualifying benefits. You must apply within 11 weeks of the due date or six months after the baby is born. Print off the SF100 form online and get it signed by a midwife before posting. Support with travel and job applications – worth £150 Claimants can get 50% off travel across the UK by applying for a Jobcentre Plus Travel Discount card. It's aimed at helping you get to job interviews if you're actively job hunting. The card is free and lasts for three months. There's also the Flexible Support Fund, which can cover costs like: Travel to interviews Job training (up to £150) Uniforms, work tools, and childcare Apply at your local JobCentre. Cheap gym memberships – worth £336 Some leisure centres offer Universal Credit claimants gym memberships from as little as £5 a month. For example, a Better Health national membership would cost you £70 usually. But if you get a concessionary membership it's £42 a month. That would save you £336 over the course of a year. Alternatively if you get a Better Flex Adult Concessionary membership for you get one activity booking for £5 a month. Everyone Active also offers discounted rates. Access is often off-peak and varies by location, so check with your nearest centre.
