The Help to Save account is a special savings account that you can only open with the Government-backed bank NS&I.
You can save between £1 and £50 into the account each month and have the account for up to four years.
Unlike a normal savings account, the Help to Save account doesn't pay interest, but instead it pays a generous Government bonus.
If you keep paying into the savings account; at the two year and four-year mark, the Government will pay a bonus of 50% of your highest balance throughout that time.
If you save the maximum £50 per month it means after two years you would have saved £1,200 of your own money and would be eligible for the tax-free Government bonus of £600. Continue to save the maximum amount and you’ll earn another Government bonus of £600 at the four-year mark.
You can access your savings at any time via your online account or through the HMRC app although withdrawals may take up to three working days.