Help to Save Expansion Opens New Opportunities for Credit Unions

30/10/2026

The Government has confirmed that the reformed Help to Save scheme will launch in Spring 2028, moving to a multi-provider model that will allow a wider range of savings providers including credit unions to offer accounts.

The reform will give eligible savers more choice in where they open and manage their accounts, while creating new opportunities for financial institutions, including credit unions, to support more people to save regularly and build their financial resilience.

The announcement follows consultation with the financial services sector, which found strong support for the scheme’s aims and interest from banks, building societies and credit unions in offering Help to Save accounts.

Matt Bland, Chief Executive of All Together Money, said: “We welcome the Government’s decision to expand the Help to Save scheme and the opportunities this could create for credit unions. Credit unions have a strong interest in offering these accounts and helping more people build a regular savings habit, strengthen their financial resilience and create greater security for the future.

“With their strong community connections and commitment to supporting people who may struggle to save, credit unions are well placed to ensure Help to Save reaches those who stand to benefit most. This is a positive step towards the Government’s ambition to double the size of the credit union sector, and we look forward to working with Government to create the conditions for credit unions to grow and support more people across the country.”