Martin Lewis Urges Brits to Grab 50% Savings Boost with Unbeatable Govt Scheme

Martin Lewis
has long been an advocate for
Help to Save
, stating ‘no other type of savings compares’ to the
Government
scheme.

Now, the eligibility requirements have been expanded, which means up to 550,000 additional British individuals might benefit from a 50% increase in their savings.

In the most recent issue of his newsletter, the founder of Money Saving Expert (MSE) praises Help to Save as ‘the absolute top choice’ for returns, offering the highest yields to individuals with lower earnings.
to strengthen fiscal toughness
‘instead of being compelled to use expensive credit.’

As of April 6, it’s available to everyone who is employed.
Universal Credit
applicants who had at least £1 in earnings during their prior evaluation period (previously, this was subject to a earning limit of £793 monthly).

This increases the count of eligible British individuals to 2.7 million; however, recent statistics indicate that many are not taking advantage of this opportunity, with only 517,000 Help to Save accounts having been established since the program began in 2018.

If you believe you qualify, you can submit your application by April 2027—however, considering the array of benefits that Help to Save provides, it’s worthwhile to do so.
to take advantage
before the deadline. ​

As per Martin, the primary attraction of the plan is that it provides ‘a 50% increase on your savings – even after you take out funds!’

Basically, this option lets you save up to £50 each month and provides access to your funds anytime. After twenty-four months, you receive a tax-free bonus equivalent to 50% of the maximum amount you’ve managed to save.
at any point
.

‘If you managed to save £800 (even if you needed to withdraw it before the two-year mark), you would still receive a £400 bonus,’
explains the consumer guru
.

The maximum bonus for the initial two years is £600. Afterward, you have the option to extend for another two years, where the subsequent bonus will be determined by the variance between the peak balance in years three and four compared to the highest balance from the first two years, also capped at an extra £600.

That adds up to an additional £1,200.
for your nest egg
— which Martin describes as ‘unmatched’ when contrasted with the rates offered by conventional banks.

He deems ‘Help to Save’ as potentially unnecessary only when you’re burdened with costly debts such as payday loans or high-interest credit cards for those with bad credit scores. Under these circumstances, it might be more prudent to focus on paying off your outstanding obligations first.

Remember also that the funds you deposit into this account (excluding the government bonus) contribute to your total savings balance. If you accumulate £6,000 or more, both your Universal Credit benefits and any reductions in Council Tax may decrease.

If your sole savings come from Help to Save, you’ll remain under the limit. However, if your cohabiting partner maximizes their contribution as well, or you have additional savings, this could exceed the allowable amount.

Who is eligible for Help to Save?

You qualify for a Help to Save account if you satisfy these conditions:

• You’re a UK resident posted abroad as a Crown employee, a member of the military, or their spouse/civil partner.
• You receive Universal Credit
• You earned £1 or more during your most recent monthly evaluation period.

This item is available individually, which means that if both you and your partner meet the criteria, each of you can own one. Alternatively, you can opt for a combined application if just one of you qualifies.

Martin adds: ‘You only need to be eligible at the time of opening the account, so even if your circumstances change (for example, you’re no longer eligible for Universal Credit) you can keep Help to Save and get the bonuses.’

To apply, visit the

Aid in Saving a Page on Gov.uk

, use the HMRC app, or contact HM Revenue & Customs at 0300 322 7093.

Once you get to this part, you’ll need to enter either your National Insurance number or your postcode, along with two types of identification and your banking information. It truly is just that simple.

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