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Help To Buy ISAs

A little extra help to get yourself onto the property ladder.

If you are saving to buy your first home, save money into a Help to Buy: ISA and the government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000.

Help to Buy ISAs

Nationwide Help To Buy ISA

from Nationwide

ISA Option
Allows ISA Transfers
Regular Savings
Interest Rate (AER) 2.50%
  • Protection Scheme: FSCS

Why we like it: High interest instant access ISA account which can help you to purchase your first property by accessing a 25% government bonus. Open from £1, save up to £200 per month and receive a government bonus of £50

  • Open with £1
  • Pay in up to £1,200 in the calendar month in which you make your first deposit into the account
  • After the initial deposit you can pay up to £200 per calendar month
  • Transfers accepted from other Nationwide cash ISAs and other external providers
  • Unlimited withdrawals are allowed
  • 25% bonus added by government when the account closes and you use to buy your first property
  • Interest paid to ISA account or other Nationwide current or savings account
  • Must be UK resident and aged 16 or older
  • Must be an eligible customer & not a residential property owner as set out in the help to buy ISA scheme rules
  • Must not have paid in more than the annual ISA allowance in total to a cash ISA, a stocks and shares ISA, an innovative finance ISA or a Lifetime ISA in this tax year
  • Must not have paid in to a cash ISA with another ISA manager in this tax year (unless you are transferring the money paid in to the other cash ISA to this one)
  • Must have minimum balance of £1,600 to claim bonus
  • 25% bonus up to a maximum of £3,000

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

Easy Access Help to Buy: ISA

from Aldermore

ISA Option
Allows ISA Transfers
Regular Savings
Interest Rate (AER) 2.00%

'Winner' – ISA Provider of the Year for the 5th year running Consumer Moneyfacts Awards 2011-15

  • £1 Minimum deposit
  • Unlimited withdrawals allowed.if you wish to make a partial withdrawal you will not be able to claim a bonus on these funds, as per the rules of the Scheme.
  • You can deposit up to £1200 in the month of account opening and £200 each subsequent month.
  • Manage account online
  • To open account you need to be aged 18 years or over
  • Must be a UK resident, only liable to pay tax in the UK and are not currently, nor have ever been, a residential property owner before.

Calculate your interest with this plan

Your savings:
£
You could gain:
£0.00 (per tax year)

Help to buy ISA

If you are saving to get the deposit to buy your first home, taking out a help to buy ISA could help you achieve your goal.

With a Help to Buy ISA in addition to being able to earn interest on the money you deposit into the account if you use the ISA for the deposit on a house the government will boost your savings by 25% contributing up to a maximum of £3,000 towards it. There are a range of different providers that offer Help to Buys so it worth shopping around to find the products that suits your needs best.

To be eligible for a Help to Buy ISA you must:

  • Be aged 16 years or over
  • Be a first time buyer
  • Be a UK resident
  • Have a valid National Insurance number

Help to buy ISA key information:

When opening a help to buy ISA you can invest up to £1,200 in your first month, after which you can deposit up to £200 each subsequent month. You don’t have to put in £1,200 when you open the account you can open it with less if you want to, but some policies may limit you still to only being able to put in £200 each subsequent month. As it is a single product if you’re intending to buy a house with another first time buyer you can both have a help to buy ISA each and benefit from a potential total of £6,000 collectively.

At the point you use the ISA for a deposit on a home you will get 25% added to your savings with a few restrictions:

  • You need to have at least £1,600 saved, which would give you £400 extra.
  • You will only receive the bonus if you use the ISA for a property costing under £250,000 or £450,000 in London.
  • Although the bonus is 25% that is to a maximum of £3,000 so even if the money saved in the ISA is greater than £12,000 you will still only receive £3,000 on top.
  • To receive the bonus you must be intending to use the property for residential purposes - you cannot let it out.

Who is considered a first time buyer?

Help to buy ISA’s have strict criteria of what makes a first time buyer; it is someone who doesn't own nor have they ever owned a residential property, no matter if they bought it or inherited it or if the property was in the United Kingdom or elsewhere.

You can only open one help to buy ISA

You are only allowed to have one help to buy ISA, you cannot open a new one each tax year, however you can continue paying into the same Help to Buy ISAs in subsequent years. You are also permitted to transfer your HISA between providers, so if you feel you could benefit from a better rate of interest somewhere else you can transfer.  

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Latest News

How much can I pay into an ISA?

21st March 2019

Each tax year, there's a limit set by the government to the amount you can save and invest in ISAs: your “annual ISA allowance”. The allowances are intended to reward savers and encourage us to invest more to support our future retirements, without creating a tax haven that can be taken advantage of by very wealthy individuals who just want to avoid paying tax.

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