Help to Buy: ISA

When it’s finally time to buy your longed-for first home, every penny counts – which is why we’ve launched our Help to Buy: ISA account, which will boost your hard-earned savings by adding an extra 25% on top of what you pay in when you complete on your house purchase.

For every £200 you manage to pay in, the government will pay you a superb bonus of £50 (minimum balance of £1,600). Pull together the maximum £12,000 and your nest-egg will swell by £3,000, giving a welcome £15,000 for your house fund. You are free to save beyond £12,000 but the bonus will not be paid on the additional amount.

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Account details

  • Branch only savings offer


  • Claim up to £3,000 on top of your own savings


  • Transfers in from existing Help to Buy: ISAs accepted


  • Deposit up to £1,200 in the first month


  • Save up to £200 each month


  • Earn interest tax free*


Summary table

Account name

Help to Buy: ISA

Interest rates (AERs)

Annual interest 2.25% tax-free p.a./AER*

The interest on this account is variable, this means that it can go up or down. The basis on which we might change your interest rate is set out in our terms and conditions.

Tax status

Tax-free

Conditions for bonus payments

You must continue to adhere to the scheme rules to be eligible to claim the government bonus. There is no additional product bonus associated with this account

Withdrawal arrangements

You can withdraw any available funds providing a minimum of £1 is left in the account

Access

Branch

Additional information

There are other savings accounts available with The Nottingham and other banks and building societies. Subject to withdrawal conditions you can switch accounts at any point

Key product information

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  • Rates & account details
  • Managing your account
  • Opening an account

Your interest

We will pay your annual tax-free interest into your Help to Buy: ISA on 5 April each year. Every April, we’ll send you a statement telling you how much interest you’ve earned, the rates that have applied to your account over the last year and the current rate of interest.

Paying money in

Customers may deposit up to £1,200 in the month in which we receive your opening deposit.

The minimum amount to open an account is £1. You can pay in up to £200 per calendar month.

To transfer funds from another ISA provider, all you need to do is complete an ISA transfer authority form. There’s no need to tell your current provider that you are moving your money, we’ll do that for you and arrange the transfer.

You will start to earn interest on the amount you transfer from the day that we receive your funds electronically from your current ISA provider, or from the second day that we receive a transfer cheque. Under the HMRC (HM Revenue and Customs) guidelines your current provider is obliged to complete the transfer within 15 days of receiving the request from us.


Taking money out

You can withdraw your money without any notice. 

You can make as many withdrawals from this account as you wish, providing you keep at least £1 in your account at all times.  If you withdraw any funds after depositing it will still count towards your monthly allowance. For example, if you deposit £150 and withdraw £100 you can only put in an additional £50 into the account for that month.

The most you can withdraw in any one day is £500 in cash, or any amount by cheque.

You must keep at least this £1 in your account at all times.


Claiming the government bonus

You may be eligible to claim a bonus of 25% of your closing balance (subject to a maximum bonus payment of £3,000). This is claimed from the government by your conveyancer when you purchase a property, before completion. You must be a first time buyer, and not own a property anywhere in the world. Scheme Rules and property criteria apply. 

To qualify for the bonus your closing balance must be at least £1,600 - this will provide you with a £400 bonus.

For full details of the Scheme Rules and property eligibility, please visit helptobuy.gov.uk/isa or ask us for a copy in branch.

How to open

To open an account you must:

  • Be a UK resident
  • Be over the age of 16
  • Have £1 to open the account
  • Meet our ID requirements
  • Be a first time buyer
  • Having a valid national insurance number

Call your local branch and speak to one of our advisers and find out how you could benefit from a savings account.

Current interest rates from 24 Jul 2017

Balance Tax-free p.a. / AER* Net rate
£1 - £750,000 2.25% Tax-free

*We will pay your interest free of UK income tax. Your tax treatment will depend on your individual circumstances and may be subject to change in the future. The tax treatment of ISAs may also change. AER stands for Annual Equivalent Rate. It shows what the interest rate would be if the interest was reinvested in the account each year. Interest rates are variable unless otherwise stated.

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