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Help to Buy: ISA

  • Designed for first time buyers saving for a deposit
  • Government bonus up to £3000
  • Save up to £200 monthly and build up your money
  • Summary
  • Important InformationInfo
  • How to Apply
  • Account Name

    Help to Buy: ISA
  • What is the interest rate?

    £1 + 2.50% Gross PA/AER
    If the balance falls below £1, a variable rate of 0.10% Gross / AER will be paid.

    Interest is calculated daily and paid annually at 31 December into this account.

  • Can Buckinghamshire Building Society change the interest rate?

    Yes, interest rates are variable and we can change them at any time. Any changes will be made in accordance with Section 7 of our General Terms and Conditions which sets out when we can vary the interest rate and how and when we will notify you.
  • What would be the estimated balance after 12 months based on a deposit of £1000?

    The estimated balance after 12 months based on an initial deposit of £1,000 would be £1,025.00. This estimation assumes that £1,000 is deposited on 1 January with no deposit, or withdrawal transactions made and interest subsequently paid gross at 31 December.

    This projection is provided for illustrative purposes only and does not take into account the individual circumstances.

  • How do I open and manage my account?

    Who can open a Help to Buy: ISA?

    • Anyone aged 16 or over who has never owned a residential property as described in the Terms and Conditions.
    • You cannot pay in to another cash ISA or Help to Buy: ISA in the same tax year.
    • You must be resident in the UK for tax purposes and the account must be held in your sole name.
    • A Help to Buy: ISA cannot be operated as a joint account.
    • We do not open accounts for any individual who has a foreign tax residency, even though they may also hold UK tax resident status.

    How much can I save?

    • You can save between £0 and £200 each month. You can also pay in another £1,000 in the first month that you open the account. There is no maximum amount you can save, however the maximum that the Government will pay is £3,000.

    Can I have another ISA at the same time?

    • You cannot pay into a cash ISA and a Help to Buy: ISA in the same tax year (6th April to 5th April). You can hold a cash ISA with previous year subscriptions and open a Help to Buy: ISA as long as you do not then pay into the non Help to Buy: ISA.
    • You will be able to subscribe your remaining ISA allowance into a stocks and shares ISA, an innovative finance ISA or a Lifetime ISA.

    Can I transfer in from another ISA?

    • You can transfer the full balance of another Help to Buy: ISA into this Help to Buy: ISA.
    • You can use a transfer from a non Help to Buy: ISA to open a Help to Buy: ISA up to the initial deposit amount of £1,200. This can be a part transfer from previous year subscriptions or a full transfer from current year subscriptions. It is important to note, however, that if you have more than £1,200 in current year subscriptions, the remainder must be moved into a stocks and shares ISA, an innovative finance ISA, a Lifetime ISA or a non ISA savings account.

    How do I pay in?

    • You can open your account with cash at our branch, cheque by post, or you can call us and make your first payment by debit card. Once your account is opened, you can set up a standing order if you want to save every month. This should be set up to arrive with us between 6th and 20th each month. Please inform us if you want to change the amount on your standing order. You can also pay in monthly by cash at our branch or cheque.
    • You may only pay into one Cash ISA including Help to Buy: ISA per tax year.
  • Can I withdraw money?

    • Yes you can, but if you do, this money will not count towards your Government bonus.
    • Withdrawals may be made by cash, cheque or bank transfer.
    • Cash withdrawals are subject to a daily branch limit of £500 and up to £3,000 on 3 days notice.
    • You cannot replace any money withdrawn from this Help to Buy: ISA back into the account.

    Can I transfer this Help to Buy: ISA to another ISA provider?

    • Yes, provided you transfer the whole amount. Ask your new ISA manager to send us a transfer form and we will send the funds to them within 5 business days of the date of receipt of the transfer form.
    • You may transfer this Help to Buy: ISA to another ISA manager provided you make your request in writing and send us your passcard.
  • Additional Information

    • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to 2 decimal places.
    • Gross interest is the rate payable before the deduction of UK income tax.
    • Interest is paid annually at 31st December into the account.
    • Interest on a Help to Buy: ISA is paid tax free.
    • The Society is required by law each year to supply to HMRC particulars of all interest paid or credited to investors.
    • The favourable tax status of ISAs is granted by the Government and may be subject to change.

    How does the bonus work?

    • The Government will add 25% of the amount you save up to a maximum of £3,000 when you are ready to buy your first home. This works out at £50 for every £200 that you save.
    • Your conveyancer will claim the bonus when you close your Help  to Buy: ISA to put towards your purchase. The minimum amount of the bonus is £400. The minimum amount you can save to qualify for the bonus is £1,600. You will get the full £3,000 bonus if you save £12,000.
    • The bonus is only available for property values up to £250,000 (£450,000 within London).

    How do I close my account?

    • Let us know when you are ready to purchase your property and we will provide you with a closing document which states the balance on the account.
    • You must give the closing document to your conveyancer who will use this to claim your bonus.
    • The bonus is only paid on closure through the conveyancer. It is not paid into the Help to Buy: ISA account or directly to you.
    • Ensure your conveyancer is eligible to claim a Help to Buy: ISA bonus when you are buying your property.
    • We have no current plans to withdraw this product although it can be withdrawn without notice.

You should read this document carefully in conjunction with the Help to Buy: ISA Terms and Conditions and our General Savings Terms and Conditions to ensure you understand them.

Upon opening this account you will automatically become a member and be bound by the Society’s Rules, a copy of which is available on request.

The Society operates a 14 day cancellation period, so if you change your mind about opening an account you will receive back all your original capital plus any interest accrued.

This account may not be operated by a third party.

Return your form to Buckinghamshire Building Society, High Street, Chalfont St Giles, HP8 4QB.

Please note under 18's need to supply certified identification with the application form. 

Help to Buy: ISA application form

Help to Buy: ISA full terms and conditions

Help to Buy Transfer Form

FSCS information sheet

Identification Requirements

To open an account

Download a Help to Buy: ISA application form.

If you are transfering from another provider please also complete the Help to Buy Transfer Form.

Financial Services Compensation Scheme (FSCS)

You must read the Information Sheet which gives all the details of the FSCS and how you are covered.

The FSCS is the UK's statutory fund of last resort for customers of financial services firms. This means that the FSCS can pay compensation to consumers if a financial services firm is unable, or likely to be unable, to pay claims against it. The FSCS is an independent body, set up under the Financial Services & Markets Act 2000 (FSMA). 

Verifying your Identity

In order to keep your money safe from fraud, we will use a Financial Conduct Authority approved electronic system to verify your identity. We also require a photocopy of your identification documents (this does not need to be certified). Our identification leaflet details the documents you will need to provide. Please do not send originals of important information such as your passport or driving license through the post as they could be lost.

Click here to see the list of required ID documents.