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Help to Buy: ISA

This account is now closed to new investors. Transfers in from other
Help to Buy: ISAs are permitted. Click here to download the form

  • Summary
  • Important InformationInfo
  • How to Apply
  • Account Name

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

    £1 + 1.20% 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 monthly investment of £100?

    The estimated balance after 12 months based on a monthly investment of £100 would be £1,207.84. This estimation assumes that £100 is deposited on 1 January and every month for the rest of the year with no 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 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.

  • Can I withdraw money?     

    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.

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

Upon opening one of these accounts 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.

Accounts cannot be operated by a third party unless a Power of Attorney is in place.

This government scheme has now closed.  Product transfers are still allowed. Please call us for more details.