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.