"Best-kept secret" of finance sees £220million paid out – how to get a free £1,200

HELP to Save customers have received more than £220million in bonus payments with experts describing it as “one of the best-kept secrets in personal finance” – here's how to get a free £1,200.

HM Revenue and Customs (HMRC) has today encouraged those eligible to sign up to take advantage of the scheme during UK Savings Week.

Help to Save is a government savings scheme offering low-income earners a 50% bonus on their savings. Customers can deposit between £1 and £50 each month and earn an extra 50 pence for every £1 they save.

You can sign up here: https://www.gov.uk/get-help-savings-low-income

Savers who deposit the maximum of £2,400 over the four years of the duration of the scheme will get a £1,200 bonus, with it being paid straight into their bank accounts at the end of the second and fourth year.

Latest figures show that since the scheme started in September 2018 to April 2025, 575,200 customers opened a Help to Save account and have paid a total of £588.2 million into their savings pots.

Economic Secretary to the Treasury, Lucy Rigby, said: “The Government’s Help to Save scheme has boosted the savings of over half a million people across the country to the tune of £220 million. 

"We’re committed to helping families build financial resilience and putting more money in the pockets of working people.”

Benjamin Beck, Money Coach at Beck Money Coach, hailed the scheme and urged people to sign up.

He said: “This is hugely positive and demonstrates the scheme works and people really want to make a difference and save if incentivised. I don't think it's advertised well enough though, as more people could benefit.”

David Stirling, Independent Financial Adviser at Belfast-based Mint Wealth Ltd, said the scheme is important.

He added: "Help to Save is an excellent way for lower-income families to build a financial cushion and strengthen their resilience during a time of soaring bills. The 50% government bonus makes every pound saved go further, providing a powerful incentive to save. 

“Opening an account now, particularly during UK Savings Week, can help make a real difference over the long term and create a meaningful emergency fund for those often facing financial peril.”

Eamonn Prendergast, Chartered Financial Adviser at Bromley-based Palantir Financial Planning Ltd, said many don't even know the scheme exists.

He continued: "Help to Save is one of the best-kept secrets in personal finance. A 50% government bonus , worth up to £1,200 over four years, is unbeatable, yet awareness remains low. 

“Many eligible households either don’t know it exists or assume it’s complicated, when in reality it takes minutes to set up online. For families squeezed by rising costs, even small monthly deposits can build into a meaningful buffer. The real challenge is making sure more people actually hear about and use it.”

Scott Gallacher, Director at Leicester-based Rowley Turton, agreed, adding: "Help to Save is undoubtedly generous – a 50% bonus with no tie-in beats even Lifetime ISAs. The fact that 94% of account holders pay in the maximum shows it works for those who join, but with the cap at just £50 a month that isn’t too surprising. 

"The bigger concern is awareness: only 575,000 people have signed up, which is less than 20% of the estimated 3 million working people on Universal Credit. So is this really a success story? 

“Which figure matters more – the 94% who are maxing out, or the four out of five people who haven’t taken part at all? It highlights the need for greater awareness and accessibility if the scheme is to reach its full potential.”

Though Anita Wright, Chartered Financial Planner at Ribble Wealth Management, pointed out that the scheme is taxpayer-funded at a time the country is struggling for cash.

She said: “The Help to Save scheme has supported over half a million low-income households with £220 million in bonus payments, but this money comes directly from the Exchequer through taxation or borrowing. With the UK already running high deficits, even modest schemes add to borrowing pressures. 

"While it helps Universal Credit claimants build savings and offers participants an attractive risk-free return of up to £1,200, about 27% of account value is taxpayer-funded. Its visibility makes it politically powerful, but concerns remain over sustainability, targeting, and whether it distorts saving behaviour. 

"Ultimately, it is other taxpayers who subsidise this incentive, at a time when many are facing higher taxes and reduced public services. Put bluntly, the Treasury is borrowing to reward saving – which may be justifiable socially, but it is not cost-free.”