Millions of Universal Credit claimants can get a £600 boost to their savings thanks to the Help to Save scheme.

The government initiative has been extended in an attempt to encourage those on benefits to save the money.

The scheme had been due to end in September but will now continue until April 2025.

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Under the Help to Save scheme, for every £1 you put in to your Help to Save account, the government will boost it by 50p up to a certain amount.

The Argus:

You can save between £1 and £50 each month into the account.

If you put £50 each month until the scheme ends in April 2025, you would get £600 back in boosted funds from the government.

Who is eligible for Help to Save?

You can apply for a Help to Save account here.

You can open a Help to Save account if you’re receiving:

  • Working Tax Credit
  • Child Tax Credit – and you’re entitled to Working Tax Credit
  • Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £658.64 or more in your last monthly assessment period

If you get payments as a couple, you and your partner can apply for your own Help to Save accounts. You need to apply separately.

Saving money though a Help to Save account could affect your eligibility for certain benefits and how much you get.

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The Department for Work and Pensions guidance explains: “If you or your partner have £6,000 or less in personal savings this will not affect how much Universal Credit you get. This includes any savings in your Help to Save account.

“Your Help to Save bonuses will not affect your Universal Credit payments.

“Any savings or bonuses you earn through Help to Save will not affect how much Working Tax Credit you get.

“If you or your partner have £6,000 or less in personal savings this will not affect how much Housing Benefit you get. This includes any savings in your Help to Save account.”