Help to Save Calculator

The Help to Save scheme is a UK government initiative designed to encourage people on low incomes to build up a savings habit. It offers a generous 50% bonus on savings, which is paid out over four years. For every £1 you save, the government adds 50p. You can save up to £50 per month, meaning you can save a total of £2,400 and earn up to £1,200 in tax-free bonuses.

Eligibility is linked to certain benefits. You can open a Help to Save account if you receive Working Tax Credit, are entitled to Working Tax Credit and receive Child Tax Credit, or claim Universal Credit and have a household or individual income of at least £722.45. This calculator from Calculator Site helps you visualise how your savings can grow with the fantastic bonus offered. You can also check your eligibility on the official GOV.UK website.

The scheme has some simple but powerful headline figures. Understanding these key numbers helps clarify exactly what you can achieve with this savings account.

These figures combine to make a significant difference. Saving £2,400 over four years and receiving £1,200 back is an unbeatable 50% return on your money, risk-free. It is a great way to build a fund for a specific goal, like a car deposit (see our Car Finance Calculator) or just an emergency fund.