A UK Government saving scheme for low-income earners has been extended until April 2025.

Help to Save offers a 50 per cent bonus payment worth up to £1,200 over four years, with more than 359,200 customers opening a savings accounts since its launch in September 2018.

Savers can deposit between £1 and £50 a month into their account and will receive a government bonus– even if money has been withdrawn.

Savers will earn a 50 pence bonus for every £1 saved and the bonus payments are paid in the second and fourth years.

This means that someone saving £2,400 - the maximum amount they could deposit over four years - would receive a £1,200 bonus from the government, paid directly into their bank account.

Individuals can open a Help to Save account if they are receiving working tax credit, child tax credit, or universal credit and they had take-home pay of £722.45 or more in their last assessment period.

Eligible individuals can find out more and how to apply on GOV.UK or via the HMRC app.