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 https://www.helptobuy.gov.uk/help-to-buy-isa/how-does-it-work/

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.

To understand the full terms and conditions please read the summary box.


Account name
Help to Buy: ISA
Minimum amount to open the account
£1
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 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 Once you have paid in the maximum allowed in a tax year, you cannot pay any amount you have withdrawn back into your account during the same tax year.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.

Interest payment

Annual interest will be paid on the 31st March.

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. You must also be living in the Society’s local postcode operating area (DL, DH, SR, TS, YO, HG).

Notes

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+ 2.80% 2.80%

This summary box will help you understand the account's Terms and Conditions.

Summary Box Start an application
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.

Please make sure that you have read and fully understand the summary box before you decide to open this account.

If you need any further information please telephone 01325 366366, email savings@darlington.co.uk or contact your local branch.

You should also read our general terms and conditions which you can download to the left of this page and which also form part of the terms and conditions of this account.

We are part of the Financial Services Compensation Scheme.

* - The gross rate is the contractual rate of interest payable before the deduction of income tax at the rate specified by law. Due to changes to the Personal Savings Allowance, from the 6 April 2016 all interest is paid gross. This is based on the current law and treatment of tax by HMRC which may be subject to change.

# - A.E.R. stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once each year.