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HMRC has revealed that more than £220million in bonuses have been distributed through its Help to Save scheme.

Help to Save is a government-run savings account for people on Universal Credit. Savers can deposit between £1 and £50 each month, and for every £1 saved, they receive 50p back.

This equates to a 50% return on your savings. The account lasts four years, with bonuses paid out after the second and fourth year.

If you save the maximum of £50 each month, by the end of the four years you will have saved £2,400 and received £1,200 in bonuses. Even if you save less, you'll still get a bonus - for instance, if you put away £25 a month over two years, your bonus would be £600.

The account automatically closes after four years, reports the Mirror. The latest data reveals that between September 2018 and April 2025, 575,200 people opened a Help to Save account, with £588.2million deposited into these accounts.

Of those who have opened an account, 94% deposited the maximum amount of £50 a month. The Help to Save scheme was set to end in September 2023 but has been extended until April 2027.

Any Universal Credit claimant can open a Help to Save account as long as they earned at least £1 from work in their last monthly assessment period. If you're part of a couple, both you and your partner can open separate Help to Save accounts.

You can open your Help to Save account via GOV.UK or the HMRC app. However, it's important to note that holding a Help to Save account in conjunction with other savings could potentially lead to benefit reductions if you exceed certain thresholds.

If your savings surpass £6,000, your Universal Credit payments may be reduced. If your savings exceed £16,000, you become ineligible for Universal Credit altogether.

Myrtle Lloyd, HMRC Chief Customer Officer, stated: "Millions have been paid out to people who are putting aside whatever cash they can spare each month - so don't miss out on making the most of your savings.

"Go to GOV.UK to open your Help to Save account today."

Lucy Rigby, Economic Secretary to the Treasury, commented: "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."