The channel, called Saving You Money TV, gives customers the chance to share tips and includes a selection of short films produced by Asda to help people save.
The channel will also show how Asda itself is cutting unnecessary waste from its business, keeping costs down which it can be passed on to customers.
Users can send in their video tips by post or text or can upload them directly to YouTube.
Rick Bendel, chief marketing officer at Asda, said there was a team of people at Asda "constantly trawling the net" looking for the best money saving tips online".
Bendel said: "[We have] a mobile TV crew that are on hand to capture tips from people in the street, in our stores or in the comfort of their own homes."
Asda pledged last week to cut 12,500 prices across its store by Easter, making items cheaper than they were at the start of the year.
The TV channel from Asda, the latest PR tool for the company, will not only offer money saving tips for food shoppers but will also allow users to share advice on how to cut energy bills and reduce food waste.
Earlier this year it launched a 'Tell Asda' scheme in a bid to improve transparency for customers, and received 85,000 responses in the last month.