Help to Buy: ISA
In support of the government's Help to Buy: ISA Scheme for first-time buyers, we’re offering our own Help to Buy: ISA 1.
Through this, you can take advantage of tax-free savings and, when you buy your first home, you'll receive a 25% government bonus on amounts saved between £1,600 and £12,000.
The government bonus is payable subject to meeting the Help to Buy: ISA scheme rules .
- Earn 2.27% AER /2.25% tax-free pa variable 2
- Save up to £1,200 in the first calendar month, and up to £200 per calendar month afterwards
- Instant access to your money
- Open with £1 (£0 for transfers-in)
To apply for the Help to Buy: ISA, you must:
- Be aged 16 years old or over
- Be a UK resident for tax purposes
- Be saving for your first home (worth up to £250,000 anywhere in the UK, or up to £450,000 inside London), and have never owned any interest in a property in the UK or elsewhere
- Open this ISA for yourself
- Have a National Insurance number
In order to subscribe to a Help to Buy: ISA, you can’t have subscribed to another cash ISA or used your total annual ISA allowance in a stocks and shares ISA and/or an innovative finance ISA, during the same tax year (unless you intend to transfer your existing ISA into your Help to Buy: ISA).
You can only open one Help to Buy: ISA. However, if you’re buying a house with someone else who is also a first-time buyer, you can both open a Help to Buy: ISA and receive the government bonus for each ISA provided you both meet the Help to Buy: ISA scheme rules.
Rates are variable. Interest is paid monthly on the first working day of the month.
Terms and conditions
To qualify for the 25% government bonus, you'll need to save a minimum of £1,600 – this will provide you with a £400 bonus. The maximum government bonus is £3,000, which is payable on balances of £12,000 and above.
You have instant access to your money, so you can make a withdrawal whenever you want. However, then it will take longer for you to build up your balance because you can only pay in £200 per month. Also, the government bonus is payable on the final savings (closing) balance, which excludes withdrawals.
We may withdraw the availability of our Help to Buy: ISA at any time without notice. This would only apply to new accounts opened from that time.
For full details, including eligibility, see the Help to Buy: ISA Scheme Rules .
Summary box of key features
How to apply
There are different ways to apply, depending on whether you bank with us or not. You’ll need to have your National Insurance number to hand.
More ways to save
If this Help to Buy: ISA isn't what you're looking for, we have other options for you to consider.
1. Your ISA allowance for the 2016/2017 tax year is £15,240. Annual allowances are subject to review and the government's favourable treatment of ISAs may change. All subscriptions to a Help to Buy: ISA count towards your annual ISA limit. Monthly deposit limits apply to Help to Buy: ISA.
2. AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Tax-free: Indicates that interest is exempt from UK income tax provided all ISA conditions are met. The level and basis of tax can change and the value of tax relief depends on your personal circumstances.
3. Lines are open Monday to Friday 8am-9pm, Saturday 9am-9.30pm and Sunday 8am-9pm. To maintain a quality service, we may monitor or record calls. Call charges.