Savers could receive a free £1,200 bonus from the government with this account

However, it should be noted that if the highest balance does not increase over the timeframes, no final bonus will be given.

Taking all of this into account, the most that can be paid into the savings account is £2,400 over four years with the highest bonus possible being £1,200.

This means that for couples who utilise the accounts effectively, £4,800 can be saved overall with bonuses totalling £2,400. The bonus is paid into the individuals chosen bank account and not the help to save account itself. The government discourages withdrawing money from these savings.

As they detail, it will be harder for the individual to grow their highest balance and earn the largest possible bonus.