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Help to Buy: ISA

Help with saving towards your first home

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)

Summary box

Account name

Help to Buy: ISA

What is the interest rate?

Interest rates for balances of £1+, effective from 17 December 2015.

Balance

Tax-free pa %

AER %

£1+

2.25

2.27

Balance

£1+

Tax-free pa %

2.25

AER %

2.27

Interest is paid monthly on the first working day of the month.

Can Barclays change the interest rate?

Yes, the rates are variable.

What would the estimated balance be after 12 months, based on a £200 deposit a month?

Deposit amount

Estimated value after a year

£1+

£2,429.57

Deposit amount

£1+

Estimated value after a year

£2,429.57

How do I open and manage my account?

You can open an account online, in branch or over the phone. Please see the ‘How to apply’ section below for more details.

You can manage your account in branch, or using Online Banking, Barclays Mobile Banking or Telephone Banking – provided you’re registered.

The minimum opening balance allowed is £0 if the Help to Buy: ISA is being funded by a cash ISA transfer-in, otherwise the minimum deposit is £1.

You can save up to a maximum of £200 per month, with an additional allowance of £1,000 – which can only be made in the same calendar month as the first deposit.

Eligibility

To apply for our Help to Buy: ISA, you must:

  • Be aged 16 or above
  • Be resident in the UK for tax purposes
  • Be a first-time buyer

Can I withdraw money?

Yes, you’ll have instant access to your money so you can make withdrawals.

Additional information

Transfers-in and transfers-out from and to other ISAs are allowed, subject to Help to Buy: ISA deposit limits.

You can claim a 25% government bonus on amounts saved between £1,600 and £12,000 (maximum bonus of £3,000), subject to the Help to Buy: ISA scheme rules.

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, this means it will take longer for you to build up your balance, as you can only pay in up to £200 per month. Also, the government bonus is payable on the final savings (closing) balance.

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 the time we gave notice.

For full details, including eligibility, see the Help to Buy: ISA Scheme Rules

Download our Help to Buy: ISA terms and conditions 70 KB  – and our guide to ISAs 560 KB for additional information.

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.

New to Barclays?

Apply in branch with proof of ID and address .

 

Already a customer?

Apply online, by phone or in branch.

Register for Online Banking

Call 0345 744 5445 3

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.

Instant Cash ISA

Instant Cash ISA

Looking to save but want access to all your money whenever you need it?

2 Year Flexible Cash ISA

Flexible Cash ISA

Looking for your money to earn a fixed rate, while still having access to some of your savings?

Savings

Savings

Looking to save but with more flexibility? See our range of savings accounts.

 

Important information

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.