Saving for your first home?

With a competitive interest rate and 25% government bonus, our Help to Buy: ISA will help you save for your first home
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Help to Buy: ISA at a glance

Tax Free(1)/AER(2)
You will benefit from an extremely competitive variable interest rate on your savings balance
Government Bonus
The government will pay a 25% bonus on your final balance when you buy your first home

Help to Buy

The Help to Buy: ISA is designed to help you save up to buy your first home. It is unique because the Government will boost your savings by 25%.

For every £200 you save, receive a government bonus of £50. The minimum bonus you can claim is £400, which means you must have a minimum balance of £1,600 to claim, and the maximum is £3,000, based on the account’s maximum balance of £12,000.

The Scheme applies to properties in the UK with a purchase price of up to £250,000 outside London and £450,000 within certain London Boroughs as specified in the Help to Buy: ISA Scheme Rules.

As a Help to Buy: ISA is a Cash ISA, you cannot pay into another cash ISA in the same tax year.

For full details of the Scheme Rules, please visit the Government website, or ask for a copy in your local branch.

Starting a Help to Buy ISA?

Here's what you need to know

Opening Balance
Deposit up to £1,200
You can open a Help to Buy: ISA with an initial deposit of up to £1,200
Monthly Savings
Up to £200 per month
You can then save up to £200 per month subject to a maximum balance of £12,000
Eligible Properties
UK properties up to £250,000
The Scheme applies to properties in the UK up to £250,000 outside London (see Scheme Rules)

Next steps

Get started with a Help to Buy ISA from The Cumberland

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Summary Box

Minimum balance What is the interest rate? (Variable Tax Free1/AER2)

£1 and above


Interest paid

Interest is calculated on a daily basis, and is paid tax free, annually on 31 March.

Can Cumberland Building Society change the interest rate?

Yes. The rate of interest paid on money in your account is variable and may be changed by us. Where we do so, we will give you reasonable notice in advance of the change.

Examples of when changes may happen include a change in the Bank of England base rate, or market condition changes such as, general interest rates changes on similar accounts offered by other savings account providers.

For further details, please read clause 8.7-8.9 in our Savings & Current Account Terms & Conditions leaflet.

What would the estimated balance be after 12 months based on a £1,000 deposit?

If £1,000 was deposited in the account on opening on 1 April, assuming no further deposits or withdrawals are made, on 31 March the account balance, including interest would be £1,027.50

This figure is for illustrative purposes only.

How do I open and manage my account?

This account is only available to open for first time buyers, over the age of 16, who live in our operating area.

The account can be opened at any Cumberland branch.

The account must have a minimum opening balance of £1.

A minimum balance of £1 must be maintained in the account. If the account balance falls below this at any time, the account will be closed.

You can deposit £200 each month, plus an additional £1,000 in the first month.

The account has a maximum balance of £12,000 (plus interest earned).

You can manage your account by:

  • Visiting any Cumberland branch;

  • Calling our Customer Service Team on 01228 403141.

  • Using the Cumberland Internet Banking service or the Cumberland Mobile Banking App.

Can I withdraw money?

Yes. Withdrawals are allowed at any time (subject to maintaining a minimum balance of £1) but you will not be able to claim the government Help to Buy: ISA bonus on any fund you withdraw.

Withdrawals not permitted by direct debit, standing order, regular internal transfer or faster payments.

Additional Information

This account can only be opened as a share account.

We do not offer a bonus, but the government will offer a bonus, equivalent to 25% of the balance on closure if the funds are used to purchase your first property.

The maximum bonus payable is £3,000, and this will only be paid on the purchase of a property in the UK of up to £250,000 outside London or £450,000 inside London.

If you pay into a Help to Buy ISA you cannot pay into another Cash ISA in the same tax year.

For full details of our ISAs, including fixed rate products (when available), please refer to our separate leaflet, available from any of our branches.

1. Tax free rate of interest is the rate payable, under current legislation, where interest is exempt from income tax. (Your tax benefits will be lost if your ISA ceases to be tax exempt).

2. Annual equivalent rate (AER) illustrates what the interest rate would be if interest was paid and added each year


  • When will I get the government bonus?

    Once you have found your house and the offer has been accepted, the transaction of the bonus can go ahead. The bonus will not go into your bank account, your solicitor will instead apply for it and the money will be used as your deposit and will be sent over to the seller along with any other money you have to use towards your deposit.

  • How long is the scheme open for?

    The Help to Buy ISA will be available until 30th November 2019. This means if you opened your account before this date, then you can carry on using it, but you cannot open any new accounts on or after this date.

  • Can I open an account with someone else?

    No, the scheme is only available to individuals. However, if you’re buying a house with a partner, and your partner is a first time buyer over the age is 16, they can also open up an account. This means you can each claim the bonus and join this money together to purchase your house.

  • Where is the account available?

    We welcome new applications from new and existing customers who live within our branch operating area.

    We do not accept new accounts from new customers who live outside our branch operating area. Some restrictions may also apply to new accounts available to existing customers who live outside our branch operating area.

    Our operating area is:

    • Cumbria (all CA and LA postcodes)
    • South-West Scotland (all DG postcodes and TD9)
    • West Northumberland (NE45-49)
    • North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)
  • Who can open a Help to Buy ISA account?

    You can open a Help to Buy ISA account if you’ve never owned a home before and are over the age of 16.

Useful Information

Buying Your First Home
First time buyer mortgages and information to help you buy your first home
First Time Buyers
Other Ways To Save
View other savings accounts with The Cumberland
Savings Accounts
Eligibility Criteria
View a PDF of the Help to Buy ISA eligibility criteria
Scheme Rules
FSCS Logo (Small) FSCS Logo (Large)

Your eligible deposits with Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the limit are unlikely to be covered.

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