Help to Save is getting a huge upgrade for low-income families and carers

A big boost for people trying to save on a low income

A major change is coming for anyone who struggles to put money aside each month.

The Treasury has confirmed plans to make the Help to Save scheme permanent from 2028, with the Chancellor expected to announce in the Budget, opening it up to even more people, including parents on Universal Credit and unpaid carers.

This gives millions of households a chance to grow a savings pot with a guaranteed 50% bonus from the government.

If you’ve never used Help to Save before, it’s one of the most generous saving schemes in the country. Martin Lewis has even called it “unbeatable”, and for good reason.

How Help to Save works

The rules are simple.

Anyone eligible can save up to £50 a month into a Help to Save account.

You can keep doing this for four years. Over those four years, you can put in a maximum of £2,400.

Now here’s the good bit.

The government adds a 50% bonus on top of your highest saved amount at the end of year two and again at the end of year four. That bonus can total up to £1,200.

This makes Help to Save the kind of scheme that can genuinely change someone’s financial situation. Even if you only manage £10 or £20 a month, that bonus still counts.

Who can get it now, and who will get it in 2028?

Right now, Help to Save is open to people on Universal Credit who meet certain earning rules, as well as those claiming Working Tax Credit.

From 2028, the scheme expands to include:

• An extra 1.5 million parents on Universal Credit with children in education
• Unpaid carers who look after someone for at least 35 hours per week

This group plays a huge part in holding families, workplaces and communities together, and the Treasury has admitted they’ve been overlooked for far too long.

The expansion is meant to recognise their contribution and make saving even small amounts more achievable.

Why this matters

Most people on low incomes want to save but simply can’t spare much after bills, food and travel.

Even a broken boiler or school trip can throw everything off. Help to Save gives some breathing room by turning small savings into something bigger.

The scheme isn’t new. Over half a million people have already used it, earning millions in bonuses so far. Making it permanent means families won’t have to worry about the scheme disappearing.

What this could look like for a real household

A parent on Universal Credit who can only spare £20 a month could save £480 in a year. After two years, they could have £960 saved. The bonus on that amount would be £480.

That effectively turns £20 a month into £30. And by year four, the bonus would grow again.

For some families, that could be the safety net to cover a car repair, uniforms or a winter energy bill.

When you can start

The changes are expected to begin in 2028. The current Help to Save scheme runs until 2027, so there’s no gap for people already using it.

The government’s goal is to make the scheme permanent from that point onwards.

If you’re eligible today, you don’t have to wait. You can still open an account now under the existing rules and benefit from the 50% bonuses.

Final word

This upgrade could make a massive difference for low-income parents and carers who have never had access to proper savings support.

It won’t fix everything the cost of living throws at us, but it gives households more stability and more power to plan ahead.