More than 264,000 have opened a Help to Save account data, from HM Revenue and Customs has revealed.

The accounts, which were launched in 2018, are a Government-backed savings scheme that allows individuals to earn a 50p bonus for every £1 saved over four years.

The bonus is payable at the end of the second and fourth year, based on how much account holders saved, up to £50 a month.

If the maximum amount is saved each month for the full term, they could save £2,400 plus £1,200 in bonus payments.

For information, to apply, and to check for eligibility, go online to: