Saving from a young age
Alex grew up in Eaglescliffe, and his mum was quick off the mark to open the Junior ISA at the Society’s Yarm branch. It built up over the years, with his Grandma putting in regular deposits, and birthday money gifts from relatives also going into the account.
When Alex was 18, the savings were swapped into a Help To Buy ISA while he was studying geography at Lancaster University, followed by a master’s degree in urban planning at Manchester.
He landed a place on a graduate scheme as a town planner with a property company and used his savings for a deposit on his flat. He’s now been living there for six months and lives with his best friend, also called Alex, who pays rent.
Help to Buy ISA
Help to Buy ISA’s are savings accounts allowing first-time buyers to save for a mortgage deposit and claim a government bonus when they buy their first home.
For every £200 saved, the government pays a £50 bonus towards the purchase price of a property. This means the government will effectively give you a 25% top-up on savings of up to £12,000, so you could earn a maximum tax-free bonus of £3,000.
The Help to Buy ISA scheme has now closed to new applicants but savers with existing Help to Buy ISA’s can continue to use them (and benefit from the 25% bonus) until December 2030.
People with Help to Buy ISA’s held with another provider can also transfer their ISA to Darlington Building Society as we pay a competitive interest rate on the account, currently at 3.80%, which the customer receives in addition to the 25% bonus.
Singing the praises of Darlington Building Society
Alex now aims to continue building his career in town planning and hopes, in the long-term, to save enough to buy a second home, while renting out his flat.
In his spare time, he plays the oboe as well as performing in a choir – and he’s very happy to sing the praises of ISA’s and Darlington Building Society.
If you would like to find out more information on how to transfer an ISA, or about opening an ISA to save for your future, visit our dedicated ISA hub here.