Help to Buy: ISA

We understand how hard it can be to take your first step onto the property ladder, which is why we are taking part in the government’s Help to Buy: ISA initiative, designed to reward people saving for their first home.

It is important to us as a North East building Society that we help first time buyers of homes in our local area. We have therefore launched our Help to Buy: ISA exclusively in the North East, available in the following postcode areas: NE, SR, DH, TD10 - 15, DL, TS, CA1 - 17.

How does the Help to Buy: ISA work?

The Help to Buy: ISA is available for anybody aged 16 and over and is designed to reward people who are saving for their first home. For every £200 you save, you’ll earn a £50 government bonus (subject to a minimum balance of £1,600), up to a maximum bonus of £3,000. You can save up to £1,200 in the first month, then up to £200 each month thereafter. More information can be found on our saving for your first home page.

Up to 2.56% GROSS/AER*

Summary Information

Summary box
Account Name Newcastle Help to Buy: ISA
What is the interest rate?

Interest rate 

 

Monthly 2.53 %Gross*/ 2.56% AER** (Variable)

 

Interest is paid on
The interest is calculated daily and will be credited to the account on the 1st of each month.
Can Newcastle Building Society change the interest rate? We can change the rate of interest payable on this account. The account is a variable rate account which means that the rate of interest paid may change throughout the lifetime of the account. Please refer to point 6 of the Savings General Terms & Conditions which sets out the reasons for which Newcastle Building Society may change the interest and the procedure for doing so.
What would the estimated balance be after the first 12 months of account opening based on a £1,000 deposit? Monthly (Variable)

£3,251

This projection is based on an initial £1,000 deposit and 11 further monthly deposits of £200 and no withdrawals are made.

Please note: This projection is provided for illustrative purposes only and does not take into account customer’s individual circumstances.

 

How do I open and manage my account? Opening your account
In branch or online. For existing customers you can also log in to your Newcastle Building Society account online.
Giving us instructions for your account

In branch, by telephone, online or by secure message (for accounts opened and operated online).

Minimum Opening Deposit: £1 (please refer to point 6 in the Product Special Conditions for further information regarding your initial investment).
Maximum Opening Deposit: £1,200.

Minimum Regular Monthly Deposit for the bonus interest rate: £1
Maximum Regular Monthly Deposit for the bonus interest rate: £200 (following the first monthly deposit).

Minimum Account Balance: £1. The minimum balance eligible for the 25% government bonus payment is £1600.
Maximum Account Balance: No maximum balance. The total closing balance for the 25% government bonus payment is £12,000.

Can I withdraw money?

Withdrawals/transfers can be made penalty free without notice. Any withdrawals from the account can only be repaid in accordance with the maximum monthly subscription limits.

Please note: Should you transfer or withdraw funds from this product to a non Help to Buy: ISA, you will not be able to reinstate these funds unless the purchase of your property falls through. If this happens you’ll be provided with a failure notice which can be sent back to us and we’ll repatriate your funds into a new Help to Buy: ISA.

You will not be entitled to claim the 25% government scheme bonus for the funds withdrawn from this account.

Additional information

Tax Status: Interest will be paid gross*.

Conditions for the 25% government bonus: A 25% government bonus will be calculated and paid on the closing balance of the Help to Buy: ISA by the Eligible Conveyancer on the customer’s request to close their Help to Buy: ISA.

Terms and Conditions

Please make sure you've read the terms and conditions before applying

Ways to Apply

Online

It only takes a few minutes to complete your application online

Apply Online

Branch

Visit your local branch with proof of identity and residence and we'll open the account for you.

Apply in Branch

It takes about 10 mins