Account details
Up to
3.25%
Gross rate p.a. / AER*
Why First Home Saver?
- Exclusive £250 cashback if you take out a mortgage with us
- Open an account with as little as £10
- Earn an exclusive first time buyer interest rate.
- It’s up to you how much you pay in, just save what you can afford
- Take as long as you like to reach your savings goal
See how much interest you could earn
Use our calculator to see how much interest you can earn per year with this account.
Summary of key account details
| Account name |
First Home Saver |
Interest rates
(AERs) |
Interest rates are variable. Click here to see our current rates of interest. |
| Tax status |
Interest will be paid net of tax unless you have registered to receive gross interest |
| Conditions for bonus payments |
No bonus payable |
| Withdrawal arrangements |
No withdrawals. Access is restricted to when a mortgage is taken out and the account is closed. |
| Access |
Branch |
Your interest
To help you reach your deposit target, you’ll get one of our top branch variable interest rates. And because the rates are tiered, the more you save, the more you’ll earn.
We’ll pay your interest on 1 January each year, and send you an interest statement that month.
Paying money in
You can open a first home saver account with just £10. The account can be in a single name or in joint names, but only one account can be opened per couple. You can pay in as much as you like, whenever you like, up to a maximum of £15,000.
When you open your account, we’ll help you work out how much you need to save to reach your deposit target. Here are some examples:
| You save (per week) |
Length of time (years) |
Length of time (weeks) |
Total saved |
| £50 |
2 |
104 |
£5,200 |
| £100 |
1 |
52 |
£5,200 |
| £150 |
1.5 |
78 |
£10,140 |
Remember you could save this amount alone, or split it between you and a partner.
Taking money out
To help you resist dipping into your savings, access to the account is restricted to when the mortgage is taken out and the account is closed – so you can’t withdraw all of the money unless it’s an emergency.
However, once you’ve saved enough for your deposit and begin the next stage of buying your first home, you’ll be able to make some free withdrawals to help pay for other costs– such as buying that nice new sofa or paying your legal fees.
Once you’ve saved your deposit, if you take out a mortgage through The Nottingham or Nottingham Mortgage Services (our mortgage broking subsidiary, which offers mortgage products from a range of lenders), you’ll get £250 cashback, as long as your account has been open for at least 6 months. It’s a great bonus at the time you need it most – when you’re moving in.
How to open a First Home Saver account
First home saver is available to UK residents over the age of 16, who have never had a mortgage before.
You will need £10 to open an account.
To open an account, just call in to your local branch and speak to one of our advisers. We’ll have a friendly chat to make sure that First Home Saver is the right account for. We’ll then ask you to fill in an application form and provide proof of your identity and permanent address
Current interest rates from 1 April 2009
| Balance |
Gross rate / AER* |
Net rate+ |
| £5,000 - £15,000 |
3.25 |
2.60 |
| £3,000 - £4,999 |
3.00 |
2.40 |
| £10 - £2,999 |
2.75 |
2.20 |
Previous interest rates from 1 March 2009
| Balance |
Gross rate / AER* |
Net rate+ |
| £5,000 - £15,000 |
3.50 |
2.80 |
| £3,000 - £4,999 |
3.25 |
2.60 |
| £10 - £2,999 |
3.00 |
2.40 |
*We will pay your interest with tax taken off at the lower rate of 20% (net interest). If you do not pay tax and have filled in an HM Revenue & Customs R85 form, we will not take tax off your interest (gross interest). AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year.
+The net rate(s) shown assume(s) income tax at the lower rate of 20% has been taken off.