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Help to Buy: ISA

Help to Buy: ISA

Our Help to Buy: ISA is a great tax-free savings account if you are a first time buyer saving up to buy your first home. You can deposit up to £1,200 in the first month you open your account and then save up to £200 a month after that. You don’t have to save every month and you can withdraw from your account. Any funds you want to pay back in again will be subject to the £200 a month maximum.

The government will give you a 25% bonus of whatever you have saved in your Help to Buy: ISA towards the purchase of your first home, subject to Help to Buy: ISA scheme rules which are available at helptobuy.gov.uk/help-to-buy-isa/furtherinformation/

The minimum bonus is £400 (if you save £1,600) and the maximum is £3,000 (if you save £12,000 or more in this account).

You can only hold one Help to Buy: ISA at any time but you can transfer a Help to Buy: ISA in full from another provider to us. To find out more, get in touch with one of our friendly consultants in our branches.

Before applying for the Help To Buy: ISA please download our Account Leaflet (right) to view a summary which will help you understand the account's Terms and Conditions.

Account name:
Help to Buy: ISA
Minimum amount to open the account:
£1.00
Investment conditions:
Initial deposit
£1 - £1200 payable within the calendar month of opening
EG. (If a member was to invest £700 on the 27th of August, they would only have until the 31st of august to invest the remaining £500 of their £1,200 initial deposit limit).

You will then be allowed to invest up to £200 per calendar month.
Withdrawal conditions:
Unlimited withdrawals but you will not be able to claim any Help to Buy: ISA bonus on the funds you withdraw.

You can only open a Darlington Building Society Help to Buy: ISA in your name and must it remain in your beneficial ownership at all times. Joint accounts are not allowed. Once you have paid in the maximum allowed in a tax year, you cannot pay any amount you have withdrawn back into your account during the same tax year. This is not a flexible ISA.
Notice period:
Instant Access, subject to terms and conditions.
Interest payment:
Annually on the 31st March.
Monthly on the last day of the month.
Eligibility:
Subject to Help to Buy: ISA regulations.

To be Eligible for the Darlington Building Society Help to Buy: ISA you must be a First Time Buyer as described in the Scheme Rules. This means you must not be and must never have been a Residential Property Owner (also defined in the Scheme Rules) and must not have previously received a Help to Buy: ISA Bonus unless it has been repaid in full, for example because your purchase has fallen through.

To be Eligible for the Darlington Building Society Help to Buy: ISA you must be a First Time Buyer as described in the Scheme Rules. This means you must not be and must never have been a Residential Property Owner (also defined in the Scheme Rules) and must not have previously received a Help to Buy: ISA Bonus unless it has been repaid in full, for example because your purchase has fallen through. You must also be living in the Society’s local postcode operating area (DL, DH, SR, TS, YO, HG).
Maturity:
The Darlington Building Society Help to Buy: ISA Bonus can only be claimed once your Darlington Building Society Help to Buy: ISA has been closed. Once this has happened we will send you your closing documents and tell the Scheme Administrator.

In order to qualify for the Government Bonus payable under the Help to Buy: ISA Scheme then providing all other conditions have been met you must first close your Darlington Building Society Help to Buy: ISA in the manner required by the Scheme Rules. A copy of the Scheme Rules can be found at www.helptobuy.gov.uk/help-to-buy-isa/further-information/.

Current interest rates

Amount Gross * Gross AER #
£1+ 2.55% 2.55%

1. You may open the Darlington Building Society Help to Buy: ISA with as little as £1.
2. The Help to Buy Scheme is backed by HM Government and is subject to the Scheme Rules. By applying for the Darlington Help to Buy: ISA you certify that you are an Eligible Customer as defined in the Scheme Rules. The Scheme Rules and eligibility criteria can be found at www.helptobuy.gov.uk/help-to-buy-isa/further-information/. It is important to read the Scheme Rules as these are part of your contract for the Darlington Building Society Help to Buy: ISA.
3. The maximum amount you can pay into your Help to Buy: ISA is £1,200 in the first month and £200 per month after that. Where subscription amounts are not used up in any given month the remainder cannot be carried forward into future months.
4. To be Eligible for the Darlington Building Society Help to Buy: ISA you must be a First Time Buyer as described in the Scheme Rules. This means you must not be and must never have been a Residential Property Owner (also defined in the Scheme Rules) and must not have previously received a Help to Buy: ISA Bonus unless it has been repaid in full, for example because your purchase has fallen through. You must also be living in the Society’s local postcode operating area (DL, DH, SR, TS, YO, HG).
5. You must be aged 16 or over to open this account.
6. To qualify for the Government Bonus you must be a First Time Buyer and meet all conditions set out in paragraph 4 and 5.
7. You can only open a Darlington Building Society Help to Buy: ISA in your name and it must remain in your beneficial ownership at all times. Joint accounts are not allowed. Once you have paid in the maximum allowed in a tax year, you cannot pay any amount you have withdrawn back into your account during the same tax year. This is not a flexible ISA.
8. You can invest in one Cash ISA and one stocks and shares ISA each tax year. The Darlington Building Society Help to Buy: ISA is a Cash ISA.
9. We work out interest every day and pay it on 31 March or on closure of the account. This depends on the option you’ve chosen when you applied. Interest cannot be paid into other accounts.
10. You can make investments or withdrawals at any branch, agency or by post. You do not need to give us notice to withdraw money.
11. If you withdraw from or close this account, it will not lose its special tax-free status. You may only hold one Help to Buy: ISA at any one time.
12. You can transfer the whole Darlington Building Society Help to Buy: ISA to another Help to Buy: ISA Scheme provider at any time and you can tell us when you want the transfer to happen. You do not need to give notice and you will not lose any interest.

13. Subject to any restrictions on paying money in and withdrawals detailed elsewhere in these terms and conditions:
a. if you wish to transfer all of your Darlington Building Society Help to Buy: ISA to another Help to Buy: ISA manager we will send the funds and accompanying information to the new manager within 5 business days of the date of receipt of a transfer instruction from the new manager.
b. if you wish to transfer all of your Help to Buy: ISA you hold with another ISA manager to us:
i. on receipt of a transfer instruction from you, we will send it to the other manager together with a confirmation that we will accept the transfer within 5 business days of the date of receipt, and
ii. on receipt of the funds and accompanying information from the other manager, we will credit the funds to the account within 3 business days of the date of receipt.
c. if you wish to transfer all of your Darlington Building Society Help to Buy: ISA to a stocks and shares ISA manager we will transfer the account within the time stipulated by you or within 30 days of receiving the request from your new ISA manager, whichever is the longer.
d. we will only allow you to transfer in ISA funds from other Help to Buy: ISAs. You cannot transfer in a cash ISA or stocks and shares ISA from other providers into this account.
e. if you transfer all of the money to another ISA which is not a Help to Buy: ISA, (either with us or with another provider), we will treat this as your request to close the account and will send you the closing documents.

14. The Darlington Building Society Help to Buy: ISA Bonus can be claimed from the Scheme Administrator by your Eligible Conveyancer once you are ready to buy your first home. To be able to do this, your conveyancer must be approved as an Eligible Conveyancer under the Help to Buy: ISA Scheme.
15. Any monies paid into the Darlington Building Society Help to Buy: ISA that is above the allowable monthly limit will be returned to you.
16. Interest paid on your Darlington Building Society Help to Buy: ISA balance does not count towards the monthly deposit limit detailed in paragraph 2.
17. Once a payment has been paid into the Darlington Help to Buy: ISA it will count towards the allowable monthly deposit limit even if it is withdrawn.
18. If you transfer the whole of your Darlington Building Society Help to Buy: ISA to a non Help to Buy: ISA this will mean you have told us you want to close your Help to Buy: ISA. We will tell the Scheme Administrator, and send you your Darlington Building Society Help to Buy: ISA closing documents. Your Eligible Conveyancer can then claim any Bonus entitlement once you are ready to buy your house.
19. If you transfer all or part of your previous year’s Darlington Building Society Help to Buy: ISA savings to a non Help to Buy: ISA but you keep your Darlington Building Society Help to Buy: ISA with some savings in it, then the Darlington Building Society Help to Buy: ISA will continue. You will not be able to claim any Bonus for the savings you transfer.
20. We will accept transfers into this account from your account with another Help to Buy: ISA provider.
21. If you die, the account will stop being a Cash ISA from the day you die. Interest which has been added to the account or earned up to that day will be paid gross (before deductions). No other individuals shall be entitled to make a claim for a Bonus in respect of funds held within your Darlington Building Society Help to Buy: ISA.
22. Your investment in the Darlington Building Society Help to Buy: ISA is, and must stay, in your name and must not be used as security for a loan.
23. We will tell you if your Darlington Building Society Help to Buy: ISA has, or will, become invalid because we or you have not followed the ISA regulations. We will close the account and return the funds by cheque including any interest due.
24. If your eligible Conveyancer claims under your Darlington Building Society Help to Buy: ISA Bonus but your purchase does not go ahead we may let you pay your Darlington Building Society Help to Buy: ISA savings into a new Darlington Building Society Help to Buy: ISA and we will need your Purchase Failure Notice from your Eligible Conveyancer. You must do this with 12 months of closing your Help to Buy: ISA. Your new account may not have the same account number or conditions but we will let you have this information at the time.
25. It is your responsibility to decide whether to pay into the account up to the individual Help to Buy: ISA allowance available. We may not remind you to do so.

26. The Darlington Building Society Help to Buy: ISA Bonus can only be claimed once your Darlington Building Society Help to Buy: ISA has been closed. Once this has happened we will send you your closing documents and tell the Scheme Administrator.
27. By applying for the Darlington Building Society Help to Buy: ISA Scheme you agree that we can disclose relevant information about you and your Help to Buy: ISA savings to the Scheme Administrator and HM Treasury so they can process your data in connection with the Help to Buy: ISA Scheme including processing any Bonus claim you make.
28. In order to qualify for the Government Bonus payable under the Help to Buy: ISA Scheme then providing all other conditions have been met you must first close your Darlington Building Society Help to Buy: ISA in the manner required by the Scheme Rules. A copy of the Scheme Rules can be found at www.helptobuy.gov.uk/help-to-buy-isa/further-information/.
29. Your participation in the Scheme will not result in you otherwise automatically qualifying for or being eligible to receive other financial products or financial services nor will it mean that you will automatically qualify for or be eligible to participate in any other Help to Buy schemes which HM Government offer from time to time.

You should also read our general terms and conditions (savings and investment accounts) which are set out in a separate leaflet. These also form part of the terms and conditions of this account. If there is any conflict between the two, these specific terms and conditions will apply.
You must sign the official declaration prior to your Government Bonus application.
The Help to Buy: ISA Scheme is backed by the Government and it can be varied or withdrawn at any time.

Financial Services Compensation Scheme
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a building society is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £75,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £75,000 each (making a total of £150,000). The £75,000 limit relates to the combined amount in all the eligible depositor’s accounts with the building society, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call the FSCS on 0800 678 1100.  Please note only compensation related queries would be directed to the FSCS.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.  Registered Number 205895.
We are a member of the Building Societies’ Association.

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