HM Revenue and Customs (HMRC) have launched Help to Save, a type of savings account that allows certain people entitled to Working Tax Credit, or receiving Universal Credit, to be given a bonus of 50p for every £1 they save over 4 years.

Bonuses will be paid at the end of the second and fourth years, and are based on how much is saved. This means that, for example, a saving of £2,400 over 4 years would result in a bonus of £1,200.

Help to Save is backed by the government, so all savings are secure. Individuals can apply online, or via the HMRC app.

For further information, including how money can be paid into a Help to Save account, please visit the HMRC website.

Alternatively, for those without internet or to speak to a helpline advisor, contact HMRC by phone: 0300 322 7093.