The savings account is backed by the Government offering a bonus 50p for each £1 that is saved over four years. People can pay in between £1 and £50 each month and can pay in as many times as they want.
Bank details must also be provided to set up the account.
Rishi Sunak recently launched a Financial Support and Benefits Checker Tool calculator, for Britons to check what benefits they are entitled to.
The tool asks a person up to 10 questions and cross-checks against 25 individual benefits and support offers.
Users are asked to input information about their work and home situation to find out extra help they can claim.
As the cost of living crisis continues, the Government has encouraged people to check their eligibility for financial assistance as many do not claim what they are entitled to.