Help to buy ISA

Compare Help to Buy ISAs

If you are saving to get the deposit to buy your first home, taking out a help to buy ISA could help you reach your goal, not only will you benefit from earning interest on your savings, but as long as you use the money in the ISA for the deposit on a house the state will boost your savings by 25% paying you up to a maximum of £3,000. If you’re trying to decide which choice is right for you, you can compare a selection of different help to buy ISAs using the comparison table below and click the links to apply.

Help to Buy ISAs
ProviderAccountISAInterest Rate (AER)FeaturesApply
yes2.00%No minimum opening balance. 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 in up to £200 each calendar month.More Info >
  • No minimum opening balance
  • 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
  • Manage your account online, mobile banking or in branch
  • Unlimited withdrawals are allowed
  • Must be UK resident and aged 16 or older
  • An eligible customer & not a residential property owner as set out in the help to buy ISA scheme rules

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

  • Be at least 16 years old
  • 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 then put in 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.

 

Help to buy ISA’s cannot be used to purchase a property with the intention of letting it out.

 

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 £1600 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.

 

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.

 

What constitutes 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, but you are allowed to continue contributing to your initial HISA every tax year. You are permitted to transfer your HISA between providers, so if you feel you could benefit from a better rate of interest somewhere else you can move your savings to another provider.

 

Help to Buy Mortgages

Although you can use your HISA for a deposit with other types of mortgage, you could potentially get more help purchasing your first home if you used your HISA on a Help to Buy Mortgage, you can find out more about Help to Buy Mortgages by clicking this link.

 Important Risk Information:

This website contains information only and does not constitute advice or a personal recommendation in any way whatsoever. The value of investments and income from them can fall as well as rise and you may not get back the full amount invested.

Investments in Stocks & Shares ISAs do not contain the same degree of capital security as investments in deposits. Stocks and shares ISAs are designed as medium to long term investments of, for example, five years or more. The tax efficiency of ISAs is based on current tax law and there is no guarantee that tax rules will stay the same in the future.

Different types of investment carry different levels of risk and may not be suitable for all investors. Please ensure that you read the Important Risk Information for further details. Prior to making any decision to invest, you should ensure that you are familiar with the risks associated with a particular investment and should read the product literature. If you are in any doubt as to the suitability of a particular investment, both in respect of its objectives and its risk profile, you should seek independent financial advice.