More that 80,000 people have signed up to the new Government savings account, Help to Save, depositing more than £10m.

The figure was revealed as the service launched a new smartphone app, which lets savers set goals and reminders to keep on track with deposits and maximise bonuses.

The account offers working people on lower incomes a 50% bonus, with Help to Save rewarding savers with an extra 50p for every £1 saved.

Over a four year period a maximum saving of £2,400 would result in an overall bonus of £1,200.

HMRC says Help to Save is “easy to use, flexible and secure, and will help those on lower incomes build up a ‘rainy day’ fund, and encourage savings behaviours and habits.”

John Glen MP, Economic Secretary to the Treasury, said: “The new year is a good time to start getting into the habit of saving, and with Help to Save you’ll get a massive 50% boost from the Government.

“Whether you are saving for a family break, putting money away for a rainy day, or even saving for next Christmas, Help to Save is designed to make saving as simple as possible.

“And with the new version of the app, which can be personalised to help you make the most of your bonus, it’s easier than ever.”

Help to Save is available to working people on Tax Credits and Universal Credit.

Account holders can save between £1 and £50 every calendar month and accounts last for four years from the date they are opened.

After two years, savers get a 50% tax-free bonus on the highest balance they have achieved.

If they continue saving they could receive another 50% tax-free bonus after another two years.

On maximum savings of £2,400 over four years, the overall bonus would be £1,200.