HMRC urges people to sign up as £1,200 boost scheme expanded 550,000 more people are eligible for the savings scheme which could give extra £25 a month People can sign up to a special savings scheme which gives free cash from the government (Image: Getty ) HM Revenue and Customs is offering people the chance to boost their money by £1,200 a year with a special scheme. Taking to X the HMRC urged people to sign up for the scheme. The Help to Save scheme has been expanded to include anyone working and receiving Universal Credit payments, making 550,000 more people eligible. HMRC said: "More people than ever can sign up for Help to Save. For every £1 you save, the government adds 50p. ‌ "That could mean up to £1,200 in bonus payments over four years. Find out how to apply today through the HMRC app." Since launching in 2018, the scheme has paid millions in bonuses to over 500,000 people and has now been extended until April 2027 in a boon for prospective savers. HMRC reports that 93 per cent of savers are depositing the maximum £50 every month into their Help to Save accounts. Savers who deposit the full £2,400 over the four-year period will receive bonuses totalling £1,200 paid into their bank accounts. These bonus payments are made at the end of the second and fourth years after opening an account. Setting up an account takes less than five minutes and can be managed through GOV.UK or the HMRC app. Article continues below Content cannot be displayed without consent The scheme allows individuals eligible for Working Tax Credit or Universal Credit to contribute anything between £1 and £50 each month, though contributions are not mandatory monthly. Payments into the account can be made by debit card, standing order, or bank transfer, without restrictions on the number of deposits per month, except for the £50 limit for each calendar month. People can apply for the scheme by clicking here. Martin Lewis has urged people to take advantage of the government's Help to Save scheme, which offers a 50% bonus on savings. He explained: "So look in help to save. If you're eligible for it, you can put up to 50 quid a month in over two years, and then at the end you get 50% of the highest amount in. So let's just think of this. You put £50 in a month for a year, you've got 600 quid. You have a nightmare because this is all about building financial resilience and getting people to have some savings. You have a nightmare, your fridge is broken. ‌ "You need it for the kids. You spend your 600 quid you can't afford to put any more in. At the end of the two years, the highest amount you had in was £600. You get 50% of that, which is £300. So you get £300 and then whatever you've got in at that point, they do it again for the next two years, comparing what you have at the end with what you're having at the beginning, and you get a 50% bonus." According to recent figures, nearly 450,000 customers have opened a Help to Save account since its launch in September 2018, with a total of £372.5 million paid into accounts. Myrtle Lloyd, HMRC's Director General for Customer Services, said: "Hundreds of thousands of people are benefitting from Help to Save. It's a great way of saving whatever you can and the government will top up your savings by 50%. It's quick and easy to apply online or via the HMRC app. Just search 'Help to Save' on GOV.UK to find out more and apply today." Eligibility You can open a Help to Save account if you’re receiving Universal Credit and you (with your partner if it’s a joint claim) had take-home pay of £1 or more in your last monthly assessment period. ‌ Your take-home pay is your pay after deductions (such as tax or National Insurance). 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. You also need to be living in the UK. If you live overseas, you can apply for an account if you’re either a: ‌ Crown servant or their spouse or civil partner member of the British armed forces or their spouse or civil partner How payments work You can save between £1 and £50 each calendar month. You do not have to pay money in every month. You can pay money into your Help to Save account by debit card, standing order or bank transfer. ‌ You can pay in as many times as you like, but the most you can pay in each calendar month is £50. For example, if you have saved £50 by 8 January you will not be able to pay in again until 1 February. You can only withdraw money from your Help to Save account to your bank account. How bonuses work You get bonuses at the end of the second and fourth years. They’re based on how much you’ve saved. Article continues below What happens after 4 years Your Help to Save account will close 4 years after you open it. You will not be able to reopen it or open another Help to Save account. You’ll be able to keep the money from your account. You can close your account at any time. If you close your account early you’ll miss your next bonus and you will not be able to open another one.