|1|2|3 World and Santander Select customers are eligible for a preferential rate. See below for more information.|
|Account name||Help to Buy: ISA (Issue 3)|
|What is the interest rate?|| |
Interest is calculated daily and added to this account annually in March. Interest payments don’t count towards the monthly deposit limit, but do count towards the bonus calculation.
|Can Santander change the interest rate? |
|Yes, the rate can go up or down e.g. in response to industry and market conditions. If the rate goes down, we’ll let you know around 14 days before the rate changes.|
|What would the estimated balance be after 12 months based on a £3,400 deposit?|| |
Estimates assume the account is opened and £1,200 deposit is made on 1st March and £200 is deposited on the 1st of every month thereafter, no change to interest rates and 25% government bonus payment excluded.
These illustrations are only examples and don’t take into account individual circumstances.
|How do I open and manage my account?|| |
To open the account you must be:
You can only pay into the Help to Buy: ISA if you are a first time buyer and you have not received a Help to Buy: ISA government bonus previously, unless the full amount of that bonus has been repaid to the administrator.
You can only hold one Help to Buy: ISA at any time per customer rather than one per home so those buying together may both be eligible for a government bonus.
By opening a Help to Buy: ISA you will not automatically qualify for any other financial product, service or Help to Buy scheme/programme.
You can make any number of payments and you don’t have to make a deposit every month. The amount can vary each month, provided the monthly limit isn’t exceeded.
It is important that your payments reach us by the end of the calendar month. If they don’t they will count towards the following month’s allowance.
If your deposit takes you over the monthly limit of £200 or the initial deposit limit of £1,200 it will be rejected in full and the bank you sent it from may charge you for taking it back.
If you’ve transferred in a Help to Buy: ISA from another provider you won't be eligible for the initial deposit of £1,200.
The Help to Buy: ISA is a cash ISA. For the 2017/2018 tax year you can subscribe your ISA allowance into a cash ISA, a stocks and shares ISA, an innovative finance ISA and a lifetime ISA or a combination of the four. Santander do not offer innovative finance ISAs or lifetime ISAs.
For example, if you subscribe to this Help to Buy: ISA you won’t also be able to subscribe to one of our other cash ISAs (including fixed rate ISAs, variable rate ISAs and Help to Buy: ISA) this tax year.
A tax year runs from 6th April in one year to 5th April the next.
This product doesn’t accept additional permitted subscriptions.
Manage the account
|Can I withdraw money?|| |
Yes, withdrawals can be made over the telephone or within a branch and won’t count towards the bonus. Withdrawals can’t be future dated.
Any money that you withdraw yourself 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 and your annual ISA limit.
We aren’t offering additional flexibility on ISAs but some providers are offering this feature. Those providers may allow you to replace funds that you have withdrawn with them without affecting the ISA limit.
You should consider the impact of withdrawing funds before closing your Help to Buy: ISA, as the bonus is paid on the closing balance.
|Additional information|| |
The Help to Buy: ISA will only be available to open until 30 November 2019. If you open a Help to Buy: ISA you will be able to keep paying into the account until 30 November 2029, when accounts will close to any further deposits.
If eligible, you must claim your Help to Buy: ISA government bonus by 1 December 2030.
You can cancel the account within 14 days of opening and your money will be returned in full with interest.
The favourable tax treatment of ISAs may change in the future.
The Help to Buy: ISA is subject to availability. Rates and information correct as at 3 October 2017.
*Houses in the following Boroughs will be defined as ‘London’ for the purposes of the scheme; 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.
Please read the full product details and terms & conditions before applying. Other accounts are available; see our ISA range to find out more
Transferring a Help to Buy: ISA from another provider to Santander
Transferring from a cash ISA you've already funded to a Santander Help to Buy: ISA
However, as the maximum initial deposit is £1,200, if you've already paid more than £1,200 into a cash ISA in the current tax year you can fund a Help to Buy: ISA using money you put into a previous tax year's ISA subject to the monthly subscription limits (up to £200 per month).
To transfer from a cash ISA to your Help to Buy: ISA, please fill in our transfer form
If you transfer an ISA in full to Santander and have built up previous tax year flexible allowances with your current provider, you'll lose that allowance when you move to Santander. If you want to use the flexible allowance you should re-deposit into your existing ISA before you transfer it to Santander.
Please be aware that the ISA manager for Santander cash ISAs is Santander UK plc. For stocks and shares ISAs the manager is Santander ISA Managers Limited. This means that transfers between Santander cash ISAs and Santander stocks and shares ISAs should be treated as transfers between ISA providers.
Need a helping hand? Use Send Me the Link to send yourself our mobile apps, videos, guides, & factsheets
Send me the link allows you to send yourself links for our mobile apps, videos, guides, & factsheets which can help you with your Online & Mobile Banking needs. Access Send Me the Link here.
Watch our Online Banking videos to learn more.
You can see the interest rate on your cash ISA in the mobile app - just click on the account when you're in the app.
Watch our Mobile Banking videos to learn more.
Protect yourself from fraud
It's very important that you keep your banking details private and secure.
For more information about our approach to security as well as more useful information to help you stop the threat of fraud visit our Security Centre.
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.
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 the full product details and terms and conditions before applying.
You can apply for the Help to Buy: ISA if you are:
If you have saved more than £1,200 in another cash ISA this tax year, there may be additional steps you can take to meet the eligibility requirements. For more information, see the ISA transfers tab.
Please ensure you select the correct button below. If you select the wrong option it may result in you receiving the incorrect interest rate or the account being closed.
Apply in a branch
Find your nearest branch or call 0800 085 1553 to make an appointment. We're open 8am to 9pm Monday to Friday and 8am to 4pm Saturday.
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 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
Rates and information correct as at 3 October 2017.
Your bonus must be claimed before completion of the property purchase when it’s certain the transaction will go ahead, and within 12 months of the date you close your account.
It is recommended that to take advantage of the government bonus you request full closure of your account 30 days before you expect to complete your property purchase.
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.
The bonus will be available on home purchases of up to £250,000 outside London and up to £450,000 in London. For any shared and joint ownership property purchases the price caps apply to the full sale price of the property, not to the percentage value being purchased, e.g. a 50% shared ownership purchase of a property of total value £300,000 outside of London would remain ineligible due to the £250,000 price cap. Boroughs classified as London for the purposes of the Help to Buy: ISA are:
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.
You can make withdrawals from the account using branch or telephone and view the account in Online and Mobile Banking.
You won't be able to claim the government bonus on any money you withdraw before you close your Help to Buy: ISA. 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 and will count towards your annual ISA limit.
When 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’ll 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 pay into one cash ISA, one stocks and shares ISA, one innovative finance ISA, one Lifetime ISA or any combination of the four 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.
If the purchase of your house falls through, you are entitled to re-open your closed Help to Buy: ISA and re-deposit the funds removed at closure within 12 months of the closure date of the account. This is subject to you providing us with a Purchase Failure Notice which will be provided by the conveyancer in charge of the house purchase.
Your Help to Buy: ISA reinstatement subscription can be paid into a new or existing cash ISA, stocks and shares ISA or an Innovative Finance ISA and only a single reinstatement subscription will be allowed.
To re-instate your Help to Buy: ISA, simply complete and send us the Help to Buy: ISA Re-Instatement Form along with the required documents stated on the form. Alternatively, you can visit your local Santander branch
If you change your mind within 14 days of opening this ISA you can cancel it 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.
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.
Tax Free explained
The tax free rate is the rate of interest payable where interest is exempt from income tax.
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