The Royal Bank of Scotland (RBS) has launched a new account intended to help first time buyers save for the home of their dreams.
The First Home Saver account, designed to be used in conjuncion with the RBS mortgage range, helps new buyers save money for a deposit.
It offers a rate of 3.5 per cent gross AER, as well as £360 cashback on completion of the mortgage.
The bank also promises to track the Bank of England's base rates to ensure first-time buyers get the best rate possible.
"The Royal Bank’s First Home Saver account is a smart way to get used to a new monthly commitment, aiding financial discipline by requiring a monthly deposit into the account," said Darrell Evans, product director at RBS marketing.
The account is only on offer to those who already have a mortgage with the bank and who have never previously had any other mortgage.
Savers must also set up a standing order to the account to make sure that they always save a set amount each month, thus helping them to save in the long-run.To read more about Savings Accounts, click here.
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