Save to Buy ISA Savings Account
A helping hand for First Time Buyers and Home Movers
Are you eager to get your foot on the property ladder but put off by having to save a large deposit? Or are you looking to move up the property ladder but struggling to meet all the costs? This is where Save to Buy could help, with a dedicated tax-free cash ISA savings account to help you save and a competitive interest rate on your mortgage when you’re ready to buy.
Key features
- Access to a 5% deposit mortgage when you've had the Save to Buy ISA account for 6 months and have met the regular savings requirements
- The opportunity to earn a cashback reward on completion of a Save to Buy mortgage - the more you save the greater the rewards
- Available to First Time Buyers and Home Movers*
- Open the Save to Buy ISA account with as little as £50 at any - you'll need to set up a monthly standing order for a minimum of £50
- Make unlimited deposits up to your annual cash ISA limit each tax year
* A first time buyer is someone who has not had a mortgage in the last three years preceding the opening of the account. A home mover is someone who is moving home and has an existing mortgage that must be repaid on completion of the Save to Buy mortgage.
If you've already used your cash ISA allowance this tax year then take a look at our Save to Buy savings account.
Save to Buy mortgage
You must have held your Save to Buy ISA for at least 6 months before you can apply for a Save to Buy mortgage and have met the regular savings requirements below.
If you've held your account for less than 12 months:
- You must not have missed more than 3 monthly deposits of at least £50
If you've held your account for more than 12 months:
- You must have deposited at least £50 per month for not less than 9 out of the preceding 12 months before you apply
Opening a Save to Buy savings account does not guarantee acceptance for a Save to Buy mortgage. All mortgages are subject to eligibility, underwriting and criteria.
Interest Rates
Save to Buy ISA Issue 2 - launched 4 January 2013
| Balance |
Free withdrawals per year |
Notice period/loss of interest for additional withdrawals |
AER% |
AER% including bonus |
Gross p.a.% |
Net p.a.% |
| £50 - £20,000 |
None |
n/a |
2.00 |
n/a |
2.00 |
n/a |
| £20,001+ |
None |
n/a |
0.10 |
n/a |
0.10 |
n/a |
- Rates are variable
- Part withdrawals are not allowed. Closure can be made at any time.
- To apply for a Save to Buy mortgage, your Save to Buy ISA must remain open and all eligibility requirements must be met. Account must be held for a minimum of 6 months and a maximum of 3 years.
- Minumum age 18
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Current account
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AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change.
FSCS - Protecting your money. Find out more
FSCS - Protecting your money
Your eligible deposits with Nationwide Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. This limit is applied to the total of any deposits you have with the following: Nationwide Building Society, Cheshire Building Society, Derbyshire Building Society, Dunfermline Building Society and Nationwide UK (Ireland). Any total deposits you hold above the £85,000 limit between these brands are not covered.
Please click here for further information or visit www.fscs.org.uk