For example, a 45% taxpayer with 50,000 of savings earning 3% gross interest a year — or 1,500 — would be left with only 825 after tax.

The financial crisis pushed that up to about 20 years - new rules required hefty deposits, while pay stagnated and savings earned next to nothing.

You may choose to leave your savings earning interest elsewhere until you pay off the amount owing when the offer period expires.