You are in

Help to Buy: ISA

Account name Help to Buy: ISA Help to Buy: ISA for 1|2|3 World
or Santander Select customers
AER/Tax-free (variable) 2.00% 2.50%

Help to Buy: ISA is an account aimed to help you save for your first home. The Help to Buy: ISA is a tax-free savings account in which you can make regular deposits of up to £200 a month. You will receive a government bonus of 25% of the amount saved in your Help to Buy: ISA.

You can deposit up to £1,200 in the first calendar month of account funding, and then continue to make regular deposits of up to £200 in your Help to Buy: ISA each calendar month thereafter.

Accounts are limited to one per person with a minimum bonus amount of £400 on a balance of £1,600 and maximum bonus amount of £3,000 on a balance of £12,000 or more.

To apply for a Help to Buy: ISA you must be a UK resident, aged 16 or over and a first time buyer and have never previously owned a residential property.

You can only subscribe to one cash ISA, one stocks and shares ISA, one innovative finance ISA or any combination of the three each tax year.

If you've already paid more than £1,200 into a cash ISA this tax year, your Help to Buy: ISA can be funded using money contributed into an ISA in previous tax years. If your current tax year subscriptions remaining in your cash ISA are £1,200 or less, you can transfer those current tax year subscriptions into your Help to Buy: ISA. For further details please refer to the 'Paying into your ISA' tab.

You can manage the account using branch or telephone and view the account in Online and Mobile banking.

The favourable tax treatment of ISAs may change in the future.

1|2|3 World and Santander Select customers will automatically benefit from a higher interest rate on their Help to Buy: ISA, as shown in the table above.

A Santander 1|2|3 World customer is someone who holds one of our 1|2|3 current accounts, 1|2|3 Credit Card (including additional card holders) or the 1|2|3 Mini Account (in Trust). Trustees are not classed as 1|2|3 World customers. All customers must meet the eligibility for each product and 1|2|3 World offer. Find out more about 1|2|3 World

To join Santander Select you must have a current account with Santander and meet one of the following criteria: pay your main income of at least £5,000 per month into a Santander current account (excluding transfers from other Santander accounts), or maintain £75,000 in any Santander investment(s), savings or current account, or have a property worth at least £500,000 with a Santander mortgage. Find out more about Santander Select

 

Please read the full product details and terms & conditions before applying. Other accounts are available; see our ISA range to find out more.
 

 

Account name Help to Buy: ISA Help to Buy: ISA for 1|2|3 World
or Santander Select customers
AER/Tax-free (variable) 2.00% 2.50%

A variable rate can go up or down in the future (for example, in response to a Bank of England base rate change).

Interest is paid annually in March. Interest credits are not counted towards the monthly deposit limit, but are counted towards the bonus calculation.

 

Eligibility
UK residents aged 16 or over. You can only open a Help to Buy: ISA if you are a first time buyer and have never previously owned a residential property.

Maximum one account per customer rather than one account per home, so those buying together may both be eligible to receive a bonus.

You can only hold one Help to Buy: ISA at any one time. If you have already paid into a Help to Buy: ISA you will need to transfer your existing Help to Buy: ISA at the point of application.

You can only subscribe to one cash ISA, one stocks and shares ISA, one innovative finance ISA or any combination of the three each tax year. The Help to Buy: ISA is a cash ISA, so if you have already paid into a cash ISA this tax year (a tax year runs from 6 April in one year to 5 April the next) you won't be able to pay into another cash ISA or Help to Buy: ISA this tax year. (You can still transfer between ISAs, subject to Help to Buy: ISA limits.) If you've already paid more than £1,200 into a cash ISA this tax year, your Help to Buy: ISA can be funded using money contributed into an ISA in previous tax years. If your current tax year subscriptions remaining in your cash ISA are £1,200 or less, you can transfer those current tax year subscriptions into your Help to Buy: ISA. For further details please refer to the 'Paying into your ISA' tab.

Funding your Help to Buy: ISA
In the calendar month that you first fund your Help to Buy: ISA, you can pay in up to £1,200, after this, you can make regular deposits of up to £200 in each subsequent calendar month. Please see 'Paying into your ISA' for more details.

Government bonus
When you are ready to purchase your first UK residential property and close your Help to Buy: ISA a 25% government bonus on the balance will be paid to your conveyancer managing your property purchase. The conveyancer will pay the bonus to the seller of your first home as part of the purchase price.

The bonus will be available on home purchases of up to £250,000 outside of London and up to £450,000 in London. Maximum bonus of £3,000 on a balance of £12,000 per person and minimum bonus of £400 on a balance of £1,600 per person applies.
 

Amount Saved Eligible Government Bonus
Less than £1,600 £0
£1,600 £400 (minimum bonus)
£12,000+ £3,000 (maximum bonus)

Buying your first home
When you are ready to purchase a property, you must request full closure of the Help to Buy: ISA in order to claim the government bonus. A closing statement will then be sent to you which you must give to your conveyancer who will claim the bonus on your behalf. You have 12 months from the date of closure of the Help to Buy: ISA to submit the closing statement to the conveyancer for the purchase of your property.

You can close your account by calling us, visiting a branch or to close your account by post please write to: Santander, Account Closures, PO Box 1109, Bradford BD1 5ZL.

If your property purchase subsequently falls through, the full balance in the Help to Buy: ISA (not including government bonus) can be repaid back into a Santander Help to Buy: ISA within 12 months of the closure.

Please consider the following before deciding to close your Help to Buy: ISA
There is no penalty for closing the account. Your eligibility to receive the government bonus will be lost if your Help to Buy: ISA is closed and you do not go on to claim your government bonus within 12 months from the date of closure.

Withdrawals
Please ensure that you do not make withdrawals if you are wishing to use the funds towards your property purchase. You will not be able to claim the government bonus on any withdrawals that you make prior to the closure of your Help to Buy: ISA. In order to qualify for the government bonus, you must close your Help to Buy: ISA.

Money can be withdrawn over the telephone or within a branch.

Any money that you withdraw from your Help to Buy: ISA will lose its tax-free status and if repaid back into the Help to Buy: ISA will count towards your monthly deposit limit.

The account must be closed in the event of your death. No other individual will be entitled to make a claim for the government bonus in respect of funds held in the Help to Buy: ISA.

Changing your mind
14-day cancellation period applies. If within 14 days of opening this account it no longer meets your needs, the account can be cancelled and the money will be returned to you in full with interest and without penalty. If you transfer in funds from your existing ISA and subsequently cancel the account, your existing ISA provider may not accept the return of the ISA funds. In this case you can either continue to save with us or transfer your ISA in full to another provider. You will need to contact your new ISA provider to arrange the transfer. If you don't exercise your right to cancel; the cash ISA will continue with us.

The Help to Buy: ISA is subject to availability. Rates may vary and are correct as at 23 May 2016.

It is important that you ensure payments into your Help to Buy: ISA reach us by the end of the calendar month, if they don't, they will count towards the following month's allowance.

Initial deposit
In the calendar month in which you first fund your Help to Buy: ISA, you can pay in up to £1,200. For example: You open your Help to Buy: ISA in December 2015 with no initial deposit. You decide to pay in £500 on 13 March 2016, which means you have until 31 March 2016 to pay in up to another £700 (your initial deposit limit is £1,200). Any remaining allowance will not be carried over to the following month.

Regular funding
After the first calendar month in which you fund your Help to Buy: ISA you can pay up to £200 into your Help to Buy: ISA each calendar month. Payments that do not reach the account in time will count towards the following month's allowance.

Deposits
Any deposit that will take you over the monthly limit of £200 or the initial deposit limit of £1,200 will be rejected in full and could incur a cost from the originating bank. You can make any number of payments into the Help to Buy: ISA in a month and your monthly deposit amount can vary each month, provided that the applicable monthly limit is not exceeded. You do not have to deposit into the Help to Buy: ISA every month.

Please consider the following methods and implications for funding your Help to Buy: ISA:

Standing order - Payments will only be sent Monday to Friday. Please ensure that your standing order gives you enough time for your payment to reach the account before the last day of the month. For example if you set up your standing order for the last day of the month and this is a Saturday, your payment will not reach us until the following month.

Cash/cheque deposits - cash/cheque deposits will count towards the monthly allowance determined by the date you deposit.

Sending money from a bank account - Transfers from bank accounts can take between 2-4 hours on Monday to Friday. Please ensure that your transfer gives you enough time for your payment to reach the account on or before the last day of the month. If the last day of the month is a Saturday, your payment will not reach us until the following month.

Transferring in a cash ISA
If you have current year subscriptions totaling £1,200 or less in another cash ISA you will be able to transfer these funds into a Help to Buy: ISA in the same tax year, subject to the Help to Buy: ISA monthly limits. You will then be able to fund the Help to Buy: ISA in the current tax year but you will not be able to continue to fund the cash ISA which you transferred the funds from. To transfer from a cash ISA to your Help to Buy: ISA, please complete our transfer form

Transferring a Help to Buy: ISA from another provider
If you'd like to transfer in a Help to Buy: ISA you've opened with another provider you'll need to open a Santander Help to Buy: ISA, then complete our transfer form. You must transfer your existing Help to Buy: ISA in full at the point of account opening and the existing Help to Buy: ISA will be closed as part of the transfer. If you are transferring a Help to Buy: ISA from another provider, you will not be eligible for the £1,200 first month allowance.

Transferring a Santander Help to Buy: ISA to a Help to Buy: ISA with another provider
For transfers out to another provider you will need to contact your new ISA provider to arrange the transfer which will result in your Santander Help to Buy: ISA being closed.

Take a look at our

 Help to Buy: ISA transfer summary 

 

From 6 April 2016, if you transfer an ISA in full to Santander and have built up previous tax year flexible allowances with your current provider, you will lose that allowance when you move to Santander. If you wish to use the flexible allowance you should re-deposit into your existing ISA before you transfer to Santander.

Online Banking
Secure, 24/7 banking. Make payments, view statements and much more. For more information find out more.

Watch our Online Banking videos to learn more.

Mobile Banking
Bank from anywhere using our apps or by using m.santander.co.uk. For more information find out more.

Watch our Mobile Banking videos to learn more.

Text me the app

Telephone Banking
24/7 banking by phone. Speak to us during the day and in the evenings or use our automated service any time of day. Call us on 0800 9 123 123.

Branch
You can visit our extensive branch network  to speak to us.

Find out more
Online Banking
Mobile Banking
Telephone Banking  

There is no cash card or passbook for this account. A Help to Buy: ISA Certificate will be issued to you in the post after account opening. 
 
Buying your first home
When you are ready to purchase a property, you must request full closure of the Help to Buy: ISA in order to claim the government bonus. A closing statement will then be sent to you which you must give to your conveyancer who will then claim the bonus on your behalf. You have 12 months from the date of closure to submit the closing statement to the conveyancer to claim the bonus for the purchase of your property.

You can close your account by calling us, visiting a branch or to close your account by post please write to: Santander, Account Closures, PO Box 1109, Bradford BD1 5ZL.

Everything you need to know before you apply

We recommend reading the information in the documents below before you apply. You may like to save or print them so you can refer to them in the future.

To view these documents, you may need to download Adobe Reader

 

Please read full product details and terms & conditions before applying.

You can apply for the Help to Buy: ISA if you are:

  • over 16 years of age

  • a UK resident

  • a first time buyer, not previously owned a residential property, and have not paid more than £1,200 into another cash ISA this tax year

To get a higher rate of interest on your Help to Buy: ISA you must also be a 1|2|3 World or Santander Select customer.

A Santander 1|2|3 World customer is someone who holds one of our 1|2|3 current accounts, 1|2|3 Credit Card (including additional card holders) or the 1|2|3 Mini Account (in Trust).  Trustees are not classed as 1|2|3 World customers.  All customers must meet the eligibility for each product and the 1|2|3 World offer. Find out more about 1|2|3 World

To join Santander Select you must have a current account with Santander and meet one of the following criteria: pay your main income of at least £5,000 per month into a Santander current account (excluding transfers from other Santander accounts), or maintain £75,000 in any Santander investment(s), savings or current account, or have a property worth at least £500,000 with a Santander mortgage. Find out more about Santander Select.

You will need your National Insurance number to apply

Help to Buy: ISA Help to Buy: ISA for 1|2|3 World or Santander Select customers
Apply Now Apply Now

Apply by phone
Call us on 0800 587 2764. Lines are open 8am to 9pm Monday-Friday and 8am to 4pm Saturday.

Apply in branch
Find your nearest branch or call 0800 085 1553 to make an appointment. Lines are open 8am to 9pm Monday to Friday and 8am to 9pm Saturday.

Rates and information correct as at 4 July 2016

Frequently asked questions

  • When you choose to close your Help to Buy: ISA (including transferring out in full to another cash ISA), you will be eligible to claim within 12 months of the date of closure a 25% government bonus on the balance of the account towards the purchase of your first home. Maximum bonus of £3,000 per person and minimum bonus of £400 per person applies.

  • You can make an initial deposit of up to £1,200 in the first month you choose to fund the account. You can deposit up to £200 in each calendar month thereafter. There is no minimum monthly deposit and you do not have to make a deposit every month.

     

    You can only subscribe to either a Help to Buy: ISA or a regular cash ISA in the same tax year. This means you will not be able to use the full Cash ISA limit of £15,240 if you have already subscribed to a Help to Buy: ISA.

  • To find your savings interest rate you can use our Interest Rate Finder.

  • Any money that you withdraw from your Help to Buy: ISA will lose its tax-free status and if repaid back into the Help to Buy: ISA will count towards your monthly deposit limit.

     

    You can manage the account using branch or telephone and view the account in Online and Mobile banking.

  • To transfer in a Help to Buy: ISA or cash ISA from another provider, simply complete and send us the Help to Buy: ISA Transfer Form. Alternatively, you can visit your local Santander branch.

     

    Once we’ve received the completed form from you, we’ll need to contact your existing provider, so please allow up to 15 days for a Help to Buy: ISA transfer to take place, starting from when we have received the transfer form.

     

    To transfer your Santander Help to Buy: ISA to another provider, you will need to contact your new ISA provider.

     

    Transfers to your Help to Buy: ISA from stocks and shares ISAs are not allowed.

     

    Transfers to your Help to Buy: ISA from an innovative finance ISA are not allowed.

     

    You can only subscribe to one cash ISA, one stocks and shares ISA, one innovative finance ISA or any combination of the three each tax year. Funds paid into an ISA in the current tax year must be transferred in full. Any funds paid into an ISA in previous tax years can be transferred to an ISA, including your Help to Buy: ISA in full or part, subject to Help to Buy: ISA monthly limits.

  • The bonus will be available on home purchases of up to £250,000 outside of London and up to £450,000 in London. Please see below list of boroughs classified as London for the purposes of the Help to Buy: ISA:

     

    The City of London, Camden, Greenwich, Hackney, Hammersmith and Fulham, Islington, Kensington and Chelsea, Lambeth, Lewisham, Southwark, Tower Hamlets, Wandsworth, the City of Westminster, Barking and Dagenham, Barnet, Bexley, Brent, Bromley, Croydon, Ealing, Enfield, Haringey, Harrow, Havering, Hillingdon, Hounslow, Kingston upon Thames, Merton, Newham, Redbridge, Richmond upon Thames, Sutton and Waltham Forest.

  • Can't find what you are looking for? More help can be found at on the ISA FAQs page.