Help to Save Calculator

Help to Save is a government savings scheme for people receiving Working Tax Credit, Universal Credit (with minimum earnings equivalent to 16 hours at National Living Wage), or both. You can save between £1 and £50 per month for four years. The government pays a 50% bonus on the highest balance achieved, calculated at two points: after year 2 and again after year 4.

The first bonus at the end of year 2 is 50% of the highest balance reached in months 1-24. If you saved £50 every month, your highest balance would be £1,200, earning a £600 bonus. The second bonus at year 4 is 50% of the difference between the highest balance in months 25-48 and the highest balance at the time of the first bonus. If you continue saving £50/month, the year 4 highest balance is £2,400, and the second bonus is 50% x (£2,400 - £1,200) = £600.

Maximum total bonus is £1,200 (£600 at year 2 + £600 at year 4) on total savings of £2,400. You can withdraw at any time without losing future eligibility, but withdrawals reduce the highest balance calculation. The bonus is equivalent to a 50% return on savings, far exceeding any savings account rate. The calculator models different monthly contribution amounts and shows the impact of withdrawals on bonus calculations.

Help to Save eligibility 2026. UK savings scheme paying 50% government bonus to low-income workers. Eligibility: receiving Working Tax Credit (or Child Tax Credit), OR receiving Universal Credit with earnings of at least £658.64/month (£152/week). Cannot claim if: state pension age reached, in prison, or have certain immigration restrictions. Scheme runs until at least 2028.

How the bonus works. Deposit up to £50/month for 48 months (4 years). Maximum total deposit: £2,400. Government adds bonuses at end of years 2 and 4: bonus = 50% of highest balance achieved during the period. Maximum total bonuses: £1,200. Combined account value after 4 years: up to £3,600 (£2,400 your money + £1,200 bonuses). No tax on bonuses or interest.

How to use the account effectively. Save consistently £50/month for maximum bonus. Don't withdraw early — bonus calculated on highest balance achieved, but withdrawals before bonus payment reduce highest-balance figure for future bonus. After year 2 bonus paid (~£600), you CAN withdraw without affecting that bonus, but future bonuses still calculated against your highest remaining balance.

After 4 years — what next. Account closes after 4 years. Move savings to: regular savings account, Cash ISA, Lifetime ISA (if under 40), or other home/retirement saving. Help to Save was particularly valuable when interest rates were low; with 4% Cash ISA rates in 2026, it's still better return than most savings — 50% bonus equates to ~30% annualised return on average balance over 4 years.