Help to Save Reforms Mark Significant Milestone for Credit Union Movement

06/07/2026

The Government’s decision to reform the Help to Save scheme represents a significant opportunity for credit unions to add even further to the role they play in supporting financial resilience and building savings habit.  It demonstrates the continued momentum behind financial inclusion at Westminster.

HM Treasury has confirmed that, from 2028, the Help to Save scheme will become permanent, with wider eligibility, simpler six-monthly Government bonus payments and the ability for a range of trusted savings providers, including credit unions, to offer Help to Save accounts directly.

The reforms follow extensive engagement between All Together Money and HM Treasury throughout the consultation process, where we highlighted the unique role credit unions play in helping more people develop regular savings habits.

Commenting on the announcement, Matt Bland, Chief Executive of All Together Money, said: “These reforms are a significant vote of confidence in credit unions and the role we can play in improving financial resilience across the UK.

“For years, our movement has shown that trusted, community-based finance can make a real difference to people’s lives and build financial resilience through pioneering and innovative approaches. The opportunity for credit unions to deliver Help to Save directly will allow us to reach thousands more people and help even more families build financial security through regular saving.

“These reforms come at a pivotal moment for our sector and add further impetus to our efforts towards transformation and growth. Alongside the Government’s work to develop a Financial Inclusion Strategy, its commitment to double the size of the UK’s co-operative and mutual economy, the Fair4All Finance Credit Union Transformation Programme in England and the reforms of the common bond currently before Parliament, there is a clear recognition that credit unions have an increasingly important role to play and a moment of great opportunity.

“This is an exciting time for our movement. We have a genuine opportunity to transform how more people access savings and affordable finance, and All Together Money will continue working closely with Government and our members to ensure credit unions are at the heart of that future.”

As HM Treasury begins developing the detailed delivery framework for the reformed scheme, All Together Money will continue working with Government and sector partners to ensure credit unions are well positioned to maximise the opportunities these reforms present.

A full members’ briefing is available on the All Together Money engagement platform.