How it works
24 month term
If you drop down to the lower interest rate, then this will apply for the whole calendar month. You’ll switch back to the higher rate on the first day of the next calendar month.
When your 24 month term ends, we’ll move you to an Everyday Saver. We’ll tell you what interest rate you’ll get before we move you across.
Who can apply
UK residents aged 16+
You haven’t owned a residential property before
Account details
Account name
First Home Saver (Issue 1)
What’s the interest rate?
| Tier | Interest in calendar months with 2 or fewer withdrawals | Interest in calendar months with 3 or more withdrawals |
|---|---|---|
| £1+ | 4.00% AER/3.93% gross (variable) | 1.00% AER/gross (variable) |
We work out the interest we’ll pay you each day. But the interest is paid in one go each month.
Can we change the interest rate?
Yes, we can change the interest rate on this account, as explained in the general terms.
Your interest rate can also change based on the number of times you take money out in a calendar month.
What would the estimated balance be after 12 or 24 months based on a £1,000 deposit?
| Length of time | Interest earned | Account balance |
|---|---|---|
| 12 months | £40.00 | £1,040.00 |
| 24 months | £81.60 | £1,081.60 |
To work this out, we’ve assumed that:
- you opened the account and paid the £1,000 in on the first day of the month
- you didn't pay in any more money or take any out
- we paid the interest into the account monthly
- there was no change to the interest rate.
This is just an example and doesn’t take into account individual circumstances.
How do I open and manage my account?
Eligibility
You can have this account:
- if you’re 16+ and live in the UK
- on your own or with 1 other person
- if you’re saving to buy your first home and haven't owned a residential property before.
How to open the account
You can apply on our website, using Mobile or Online Banking.
Managing the account
You can manage your account in branch, on our website, using Mobile or Online Banking, or over the phone.
Paying money in
Minimum balance: £1. Maximum balance £2 million.
Can I withdraw money?
Yes, you can make payments out of your account on our website, using Mobile or Online Banking, in branch or over the phone.
Taking money out might impact the interest you earn. Your interest rate will drop if you take money out 3 times or more in 1 calendar month. If you drop to the lower interest rate, then this will apply for the whole calendar month.
At the end of the term
The term of the account is 24 months. At the end of the term, we’ll transfer your account to an Everyday Saver.
We’ll send you more details, including your new interest rate, before the term ends.
Additional information
Subject to availability and may be withdrawn without notice. Rates and information correct as at 14 April 2026.
Tell us if you change your mind
You can close your account at any time during your 14 day cancellation period – we won’t charge you for it. Your cancellation period starts the day after we let you know that your account’s open.
If you do this, we’ll send your money back and any interest we owe you. We’ll do this as soon as we can (and within 30 days from when you tell us).
You can also close your account at any other time outside this cancellation period – we won’t charge you.
Tax status
We pay interest without taking off income tax. This is known as ‘gross’ and the interest rate we give you reflects this. If the total interest you receive in a tax year is more than any Personal Savings Allowance that applies to you, you may have to pay tax on it. You’ll need to do this directly with HMRC.
How we manage scam claims
We’ll support you if you’ve fallen victim to fraud. Find out more about our approach to fraud.
Everything you need to know before you apply
We recommend reading the information in the documents below before you apply. You might want to save or print them so you can refer to them in the future.
First Home Saver Key Facts Document (PDF - 242 KB)
General Terms & Conditions (PDF - 958 KB)
To view these documents, you may need to download Adobe Reader
Statements
- We'll send your documents, statements and some of your letters as e-Documents. We'll add them to your mailbox in Mobile Banking. In Online Banking, you can find them in your 'Statements and documents’.
- We’ll ask you for your email, so we can let you know when there’s an e-Document for you to read. It’s important you tell us if your email address changes. You can change your details in Mobile and Online Banking.
- The easiest way to update your paper-free preferences is in Mobile and Online Banking. You can also contact us or visit your local branch
- You can order a paper copy of a statement through Chat, over the phone or in branch. You can also ask for your statements in an alternative format, such as braille.
- We’ll send you a yearly statement in April.
What happens at the end of the term?
1. Before the term ends, we’ll contact you
The term of the account is 24 months.
Before the term ends, we’ll be in touch with more details. This includes the date your account term ends, the current interest rate and the new interest rate.
2. We’ll transfer you to an Everyday Saver
On the date your account term ends, we’ll transfer your First Home Saver to an Everyday Saver with a new interest rate.
3. Explore our savings range to earn more interest
We have a range of savings accounts with higher interest rates than the Everyday Saver. Explore our range and move your money into a new account.
Withdrawals, interest and calendar months
A withdrawal is any money you take out of your account. You can see a list of withdrawals in Mobile and Online Banking by clicking on your First Home Saver. Withdrawals are listed by clicking on the 'OUT' tab.
You can make as many withdrawals as you want from your account. However, your interest rate will drop if you make 3 or more withdrawals from this account within a calendar month. Your interest rate will return to the higher rate from the 1st of the following month.
A calendar month runs from the 1st of the month to the last day of the month. For example, 1 January to 31 January.
Withdrawals made on the last day of the month might not be completed until the following day. Withdrawals completed the following day would count towards the following month.
If the last day of the month is a Sunday, withdrawals completed on the Saturday or Sunday might not be completed until the Monday.
You can take money out at any time by transferring it to another account. You can do this in Mobile or Online Banking, over the phone, or by visiting us in branch.
If it’s your first or second withdrawal in a calendar month, then your interest rate won’t change.
If it’s your third withdrawal, your interest rate will drop for that calendar month. The lower interest rate will apply for the whole calendar month, and it will return to the higher rate from the 1st of the following month.
Any withdrawals after your third one won’t change your interest rate any further.
You can see a list of withdrawals in Mobile and Online Banking by clicking on your First Home Saver. Withdrawals are listed by clicking on the 'OUT' tab.
Your interest rate is shown in Mobile and Online Banking. If you’ve made a recent withdrawal this may not be reflected in the interest rate shown.
If your interest rate has dropped to the lower rate, it will automatically return to the higher rate on the 1st of the following month. You don’t need to do anything.
This account also comes with
Telephone Banking
Mobile and Online Banking
with text and emails alerts
Access to the Santander branch network
Not sure which account is right for you? View all savings and ISAs