Thousands more people in Northern Ireland who are working and claiming Universal Credit are now eligible to open a Help to Save account, potentially receiving government bonuses worth up to £25 a month.

This expansion of the scheme, announced by HM Revenue and Customs (HMRC), aims to help more low-income earners boost their savings and ease the impact of rising living costs.

The Help to Save scheme, which launched in 2018 and has already paid out millions of pounds in bonuses to over 500,000 people across the UK, has been extended until April 2027. This extension now includes individuals working and receiving Universal Credit, opening the scheme to an additional 550,000 savers across the UK. HMRC figures indicate that 93% of current savers are maximising their contributions at £50 per month.

Savers who deposit the maximum £2,400 over four years stand to receive a total bonus of £1,200, paid into their bank accounts at the end of the second and final years.

Emma Reynolds, Economic Secretary to the Treasury, said: "Security for working people is at the heart of our Plan for Change. We want more people to have a bit in the kitty for a rainy day, which is why we are giving hundreds of thousands more working families on tight budgets access to this support." Myrtle Lloyd, HMRC's Director General for Customer Services, encouraged eligible individuals in Northern Ireland to apply. "Thousands of customers have already benefitted from Help to Save and many more are now eligible to get a great return of 50% on top of their savings, no matter how little you can save each month. Go online or via the app to find out more and apply today."

The scheme allows savers to deposit between £1 and £50 each month, earning a 50% bonus on the highest amount saved within the two-year bonus periods. While money can be withdrawn at any time, doing so may affect the bonus payments.

In 2024, nearly 18,500 people opened a Help to Save account via the HMRC app, which allows users to easily manage their account, check balances and bonus details, and make deposits via various methods.

Michelle Highman, Chief Executive of The Money Charity, welcomed the extension and increased eligibility. "We are really pleased to see the Help to Save scheme extended and made available to more people. It's a brilliant way for people to start to save and to build their financial resilience and futures. Saving even just a little each month will help, and the added 50% bonus payment from the Government means that if you are eligible, then it's a great place to boost your savings."

Eligible individuals in Northern Ireland are encouraged to check their eligibility and apply for the Help to Save scheme online or via the HMRC app.