The account allows people to receive a bonus of 50p from the government for every £1 they save over four years.

And because the account is backed by the government, all savings in the scheme are secure.

At a time where many people will be looking for additional funds, savers will be delighted to note that Help to Save bonuses are now being paid. 

Over 60,000 Britons should have now received the first bonus payment from their Help to Save accounts, after first beginning to put away funds two years ago.

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Once savers have received their first bonus, they can continue to use the secure savings account to get their final bonus at the four year mark. 

Karl Khan, HMRC’s Interim Director General for Customer Services, commented on the matter.

He said: “Help to Save rewards regular savers and the bonus payments can make a big difference to individuals and families.

“We’ve tried to make it as easy as we can for people to check if they qualify. It only takes a few minutes online – just search ‘help to save’ on GOV.UK.”