The government has published its response to the consultation on the future delivery of the Help to Save scheme. Most respondents supported the proposed reforms and a move to a multi-provider model. The government has confirmed that Help to Save will become a permanent scheme and will be offered through multiple providers from 2028.
Background
Help to Save was introduced in 2018 to help people on lower incomes build savings and improve financial resilience.
- The scheme offers a 50% government bonus on savings of up to £50 a month over four years.
Before April 2025, Help to Save was only available to Universal Credit claimants who met a minimum earnings threshold. From April 2025, the earnings threshold was removed, making all working Universal Credit claimants earning £1 or more eligible.
- The change significantly increased the number of people who can access the scheme.
Reforms announced at Autumn Budget 2024:
- Retained the four-year account term.
- Retained the 50% government bonus.
- Simplified the bonus structure.
- Introduced six-monthly bonus payments.
At Autumn Budget 2025, the government proposed that Help to Save should become a permanent scheme. From April 2028, eligibility will be extended to all Universal Credit households with children or caring responsibilities.
- The expansion is intended to better target support at households least likely to have savings.
The Consultation, published alongside these reforms, sought views on changes to the scheme and its future delivery.
Responses
The consultation received 14 responses.
- Respondents generally agreed that the scheme has the potential to be commercially viable, although many said further detail would be needed before making a final assessment.
- Development and implementation costs were identified as important considerations, with several respondents suggesting that increased awareness of the scheme would help improve take-up and strengthen viability.
- There was strong support for the proposed six-monthly bonus payment model.
- Respondents considered it simpler than the current approach, more consistent with mainstream savings products and more likely to encourage regular saving behaviour.
- Several respondents expressed an interest in offering Help to Save accounts through a multi-provider model.
- It was considered that the scheme was consistent with their financial inclusion and financial well-being objectives.
- Most said they would be able to connect to an HMRC eligibility-checking API, although some credit unions highlighted the need for system upgrades.
- Respondents also broadly supported the automatic transfer of savings into a follow-on account at maturity, encouraging continued saving.
- While the consultation also explored a single-provider approach, relatively little support was expressed for this option.
- Concerns included costs, risks and the challenge of providing nationwide coverage.
Next steps
The government has confirmed that it will proceed with a multi-provider delivery model for Help to Save.
- It considers this the best option for increasing awareness, improving accessibility and boosting take-up.
Under the new model, approved providers will be able to offer Help to Save accounts directly to eligible customers.
- Key features of the scheme, including account design, deposit limits and the 50% government bonus, will remain standardised across providers.
- HMRC will continue to determine eligibility using government-held data.
The government has also confirmed that Help to Save will become a permanent scheme.
- Eligibility was expanded in April 2025 to all working Universal Credit claimants and will be expanded further from 2028 to include Universal Credit households with children or caring responsibilities.
The government will continue to work with providers on the detailed design of the scheme and intends to open registration for the reformed Help to Save scheme in 2028.
Useful guides on this topic
Help to Save scheme
What is the Help to Save scheme? How does it work?
Help to Save Reform update
HM Treasury has published a response and delivery report following its 2023 consultation 'Help to Save Reform'. Several changes have been announced, including widening the scheme's eligibility criteria, paying bonuses more frequently and changing the bonus calculation method.
External link
Consultation outcome: Help to Save Reform consultation outcome