- Help to Save scheme expected to be made permanent from
2028, delivering a 50% boost on savings
for 4.5 million low earners.
- Expanded scheme will see 1.5 million carers and
parents on Universal Credit benefit from the
scheme, recognising the vital role they play in
society.
- Savers will be eligible for £1,200 government bonus on their
savings to help with the cost of living.
Parents and carers will be among the 4.5 million low
earners who will see their savings supercharged at the
Budget, as the Chancellor doubles down on creating an
economy that works for and rewards working people.
is expected to announce that
the Help to Save scheme, which was set to end in 2027, will be
made permanent and opened up to parents and
carers on Universal Credit from 2028 – delivering a
game-changing savings boost for an extra 1.5millon low
earners.
The scheme, described as ‘unbeatable' by , allows
eligible savers to put away up to £2,400
over four years which is then bolstered
by a £1,200 government
bonus helping families build up savings and a
buffer for emergencies like a boiler replacement.
A Treasury source said:
“For too long governments have ignored the role of carers and
parents in keeping the economy ticking. The Chancellor wants
to change that and help millions more working people build a
savings habit."
Help to Save allows savers to put up
to £50 a month into a Help to Save account, for four years,
and receive a 50% government bonus on the savings they
put in.
Bonuses are paid on the highest amount deposited by the end of
the second and fourth years, with savers able to deposit a
maximum of £2,400 and receive £1,200 in bonuses.
The scheme will be expanded to an extra 1.5 million savers to
include Universal Credit claimants that have children in
education or carers that provide of 35 hours of care to a
disability person to help them with the cost of living.
Making the scheme permanent will give low-income savers the boost
and certainty they need knowing that the government will continue
to support them to build up savings and put more money in their
pockets.
The scheme has already benefited over 500,000 savers with
millions paid out in bonuses, making this permanent and expanding
access will mean even more people can benefit for longer.
