Help to Buy: ISA

This product may be withdrawn at any time.

 
gross/AER
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
2.75% see rates
£10 plus: 2.75% / 2.75%
notice for withdrawals
Some of our accounts require you to give notice before you can withdraw money from your account. Further details on the withdrawal restrictions that apply to the account can be found in the section titled - 'Can I withdraw money?' - in the Summary box.
no notice
age restriction
Minimum or maximum age you must be to open this account.
16 years and over

Your savings account

Designed to help you make the first step onto the property ladder, our Help to Buy: ISA is a Government backed scheme.

You can save up to £200 a month and the Government will boost your savings by 25% so that’s a £50 bonus for every £200 you save. And to kick-start your savings you can deposit up to £1,200 during the month you open your account.

Key features

  • 25% Government bonus to boost your savings
  • Open your account with up to £1,200
  • Deposit up to £200 per month

Summary box

Account name

Help to Buy: ISA

What is the interest rate?

The variable rate below applies from 1 November 2016. Interest is calculated daily and paid each year on 5 April.

£10 plus - 2.75% gross / AER

On 1 July 2017 the interest rate will reduce as detailed below

£10 plus - 2.5% gross / AER

 

Can Tipton & Coseley Building Society change the interest rate?

We can change the interest rate we pay on our Help to Buy: ISA account at any time. If you would like more information please see section 7 of our Terms and Conditions for Savings Accounts.

What would the estimated balance be after 12 months?

The balance after 12 months on an initial deposit of £1,000 with an interest rate of 2.75% gross/AER (variable) until 30 June 2017 followed by an interest rate of 2.5% gross/AER (variable) would be £1,025.63.

This estimation is an illustration only and assumes:

  • the account is opened on 6 April;
  • there are no additional deposits or withdrawals made;
  • interest is paid back into the account;
  • the interest rate change detailed in 'What is the interest rate?' is applied; and
  • interest is paid gross on 5 April.
How do I open and manage my account?

The account is available for anyone aged 16 or over and living in a B, DY, WS or WV postcode area, unless you are an existing savings customer with an account opened before 23 May 2016.

You can visit any branch to open an account and you don't need to make an appointment beforehand. You can also open an account by post, simply send us your application form along with your initial cheque deposit.

Transfers in from other ISA providers are not accepted.

The minimum opening deposit is £10. During the month of opening you can deposit up to £1,200, followed by up to £200 every calendar month following. There is no minimum monthly deposit that must be made in order to satisfy Help to Buy: ISA requirements, however any monthly deposit allowance that you do not use cannot rollover to the following month.

You must have at least £10 in the account to keep it open. Withdrawals taking you below £10 are only allowed on closure of your account.

You can pay money in at any of our branches or through the post. Additional deposits can be made by cash or cheque. You may also pay money into your account by standing order. The maximum overall holding per customer is £500,000.

Joint accounts cannot be opened.

Can I withdraw money?

You can make withdrawals without notice or charge however any money withdrawn cannot be repaid and will no longer count towards the Government bonus.

Normal office withdrawal limits apply, they are:

  • £500 by cash; and
  • £20,000 by cheque.

If you need to withdraw an amount above these limits we require two days notice, subject to £2,500 maximum cash per day. The minimum amount for a cheque withdrawal is £10.

Transfers out to other ISA providers are allowed without notice.

Additional information

Interest is paid without tax deducted.

You may be eligible to claim a bonus of 25% (subject to a maximum bonus of £3,000). This is claimed from the Government by your solicitor when you purchase a property. To qualify for the bonus, your closing balance must be at least £1,600 and Scheme Rules and property criteria apply.

If you decide within 14 days of opening, that the account you've chosen isn't right for you, you can have your money back without charge. We'll arrange to close the account and return your money or to switch your funds to another of our savings accounts.

Interest rates explained:

  • Gross means the contractual rate of interest payable.
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
Our Branch Assistant Amy is happy to help 0121 557 2551* Contact Us
Our branches are open:
Monday - Tuesday09:00 - 17:00
Wednesday09:30 - 17:00
Thursday - Friday09:00 - 17:00
Saturday09:00 - 12:00
SundayClosed
*Calls from landlines are charged at the standard rate. Calls from mobiles may vary. We will be closed on Monday 29 May 2017.

We can help you with...

  • Opening a new account
  • Answering any questions
  • Discussing your options
  • Your existing accounts

Let's get started

Ready to open an account? Simply download and complete an application form. You should also keep a copy of the terms and conditions of the account for your records.

Remember, we will need you to send a cheque payable to yourself, along with your application form. Please also read our Terms and Conditions for Savings Accounts leaflet and the Deposit Guarantee Scheme Information Sheet before sending us your completed application.

All new savings customers must sign future windfall rights to our Charitable Foundation.


Our savings customers say...

"I have been with the Tipton for over 20 years now and always will be, they give me everything I need from a building society and are always happy to help." Mrs Cooke
Savings customer read more

Our savings customers say...

"I was given real peace of mind that my savings would be carefully looked after. I know there is always advice available should I need it and the staff at the Tipton are always there." Mrs Thomson
Savings customer read more