The HM Revenue and Customs (HMRC) is urging eligible individuals, particularly those who receive Universal Credit, to check if they qualify for a distinctive savings account known as Help to Save. This account allows claimants to save money and receive a government-backed bonus of 50% on their savings—potentially earning up to £1,200 in bonus payments over a four-year period. Currently, this scheme is limited to certain claimants, but HMRC indicates that the eligibility might expand to include more individuals starting in 2028.

Help to Save is described as a vital tool for low-income individuals, providing a financial incentive to save, which is not commonly available in typical savings accounts that offer standard interest rates. The initiative underscores the government’s commitment to helping low-income earners build savings as part of their financial management. It is designed to encourage and support those who may find it challenging to save due to financial constraints.

HMRC has made it clear that the Help to Save account can only be accessed through the Government-backed National Savings and Investments. To take advantage of this unique opportunity, individuals need to ensure they meet the eligibility criteria, which could make a significant difference in their financial stability over time.