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First Home Saver (Special Issue 1)

  • Save in order to take that first step on the property ladder
  • Why choose the First Home Saver (Special Issue 1)?
  • Further Information
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Save in order to take that first step on the property ladder

Getting that all-important first step onto the property ladder can be tough. Our First Home Saver (Special Issue 1) gives you a helping hand, offering a competitive variable rate that will help boost your savings for your deposit on your first home. To find out more about the First Home Saver (Special Issue 1), call in to your local branch.

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Why choose the First Home Saver (Special Issue 1)?

  • Enjoy – a great variable interest rate of 5.00% gross/AER on your savings for your first home.  
  • Save – Make an initial deposit of between £100 and £5000 and then save between £100 and £300 per month by standing order to get the preferential rate. You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or over £300 in any calendar month, but for that month only. The maximum balance on the account is £50,000. If you miss a payment you will receive an interest rate of 0.10% gross/AER for that month only. 
  • Reward – Get a great rate for saving regularly towards a deposit for your first home and in return all we ask you to do is have a mortgage interview up to 90 days before you come to close the account.
  • Easy – Instant access to your First Home Saver via branch. Please note there are no partial withdrawals allowed on this account. You can access your funds at any time but will need to close your account. To close your account you will need to bring in two forms of ID plus the validation checklist that you were given on account opening.
  • Flexible – pay into the First Home Saver by standing order.
  • Eligibility - To qualify for a First Home Saver (Special Issue 1) you must be:
    1. Under the age of 35
    2. A first time buyer
    3. Able to save an amount between £100 and £300 each month

 

 

First Home Saver (Special Issue 1) – rates below are variable 

Tier

Gross p.a./AER

£100 - £50,000

5.00%


You will receive a lower rate of 0.10% gross/AER when you pay in under £100 or over £300 in any calendar month, but for that month only. All rates above are variable. For further details on interest rates please visit our rate and fees pages.

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Further Information

Interest is calculated on the daily balance of the account, and is paid annually on the anniversary of account opening. For example, if you saved £100 per month for 12 months, you will get back your deposits totaling £1,200 (12 x £100), and will have received in total approximately £32.50 gross interest during the year (provided no withdrawals are made during the year).


AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year. The gross rate is the interest rate we pay before income tax is taken off.

 

Rates effective from 1st March 2009.

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* The voucher offer may be withdrawn or varied at our discretion and is subject to availability.
A higher rate of interest applies where no withdrawals are made in any given month and a regular saving of £100 is paid into the account on a monthly basis.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added each year. Interest will be paid gross to eligible non-taxpayers who register with us. Otherwise it will be paid net of income tax at the prescribed rate. Rates are shown to two decimal places.

Rates may vary and are effective from 1st May 2008