Manage my Help To Buy ISA - Savings | Ulster Bank

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Manage your Help to Buy: ISA


All you need to know about
managing your Help to Buy: ISA

This account is no longer available to new customers 

Online or on the mobile app

 

Anytime Banking is available to those aged 11 and over with an eligible account. Our Anytime Internet Banking service gives you the flexibility to manage your money at any time 365 days a year, from the comfort of your own home.

Our mobile app is available on most smartphones to customers with Anytime Banking and a UK or international mobile number in specific countries.

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Save regularly

 

Save up to £200 per calendar month towards your first home. If you set up a regular payment, known as a standing order, you don't need to think about moving money each month because it will happen automatically. You can set up a standing order using your mobile app or through Anytime Internet Banking.

You can easily change or cancel the standing order any time you like and you can choose how often you want to save.

 

No minimum balance

There is no minimum balance, but there is a maximum balance of £50,000

No minimum balance

There is no minimum balance, but there is a maximum balance of £50,000

Save up to £200 per calendar month.

Earn 2.50% AER / 2.47% tax-free on your savings.

You can deposit a lump sum of up to £1,200 in the first calendar month in which you open your account (for example, if you open your account on the 25th October, you have until the 31st October to save up to £1,200). 

When you are ready to buy your first home you'll qualify for a 25% UK Government bonus on amounts saved between £1,600 & £12,000.

The UK Government bonus is paid on property prices up to £450,000 in London and £250,000 elsewhere in the UK. The bonus is paid towards the completion cost of your first home (and not towards the deposit).

When you are ready to buy your first home you should request to close your Ulster Bank Help to Buy:ISA. Once closed we will send you a Closing Document that your conveyancer (e.g. solicitor) will need to claim the bonus from the UK Government. Do not withdraw funds before closing your account and please allow 5 days for account closure and a further 5 days for the Closing Document to be sent. 

Additional Information

Closing your Help to Buy: ISA and claiming your bonus

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.We will then arrange to close your account, which can take up to 5 working days.

 

Within 5 working days of your account being closed, we will send you a Closing Document, which your conveyancer (the party acting on your behalf to purchase the property) 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 www.helptobuy.gov.uk/isa.

Tax

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

Definitions
  • 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.

Financial Services Compensation Scheme

Your eligible deposits with Ulster Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. 

 

Find out more  about the scheme and how it protects your money.

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