When you are ready to buy your first home you must request to close your Help to Buy: ISA. You can do this by giving written notice to your branch either by post or by handing it in. Any withdrawals you make before closing your account will reduce the value of the bonus you can claim. Once we receive your request please allow up to 10 working days for your account closure and receipt of your Closing Document, which your conveyancer (or solicitor) will need to claim the bonus from the UK Government.

You have up to 12 months from closing your Help to Buy: ISA to claim your bonus, but this should be done as soon as possible to make sure the bonus is received before you are due to complete the purchase of your new home. The bonus will be paid directly to your conveyancer, who will add it to your deposit and mortgage funds to make up the total purchase price of your new home.

Please note your closing balance must be at least £1,600 in order to obtain a bonus, so opening  an account does not guarantee you will be entitled to a bonus. The maximum bonus you can earn is £3,000. Additionally, there is a maximum property price beyond which a bonus will not be payable. 

For more information on the Help to Buy: ISA Scheme (including how to claim your bonus from HM Treasury), please refer to the Help to Buy: ISA Scheme Rules at Own Your Home | Help to Buy: ISA - Own Your Home.

The interest payable is tax-free. The tax treatment may be subject to change in the future and depends on your individual circumstances.

AER (Annual Equivalent Rate): This is a notional rate used for interest bearing accounts, which illustrates the interest rate if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.

Tax-free: Interest which is exempt from UK income tax.