Saving for your first home?

Our Help to Buy: ISA could make a big difference and help you buy your first home
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A Help to Buy: ISA is a great option to help you save to buy your first home

Competitive Interest Rate Image
Competitive Interest Rate
2.60% Tax Free(1)/AER(2)
You will benefit from an extremely competitive variable interest rate on your savings balance
Government Bonus Image
Government Bonus
25% bonus
The government will pay a 25% bonus on your final balance when you buy your first home
Opening Balance
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
Scheme Eligibility
You must be 16+
Scheme Rules
A first time property buyer who is an Eligible Customer and not a Residential Property Owner (see Scheme Rules)
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)
The Help to Buy: ISA Bonus


When you are in a position to buy your first property, you will need to close your account in a single transaction and provide your Help to Buy: ISA closing documents to your conveyancer, who will claim the bonus on your behalf from the government. The bonus will be the equivalent of 25% of the account balance when it is closed. Therefore, for every £200 you have saved, the Government will add £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.

Account Details

Key Product Information 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 £1,026.

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 produucts (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

Where Are You?

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 (NE46-49)
  • North Lancashire (all PR, FY, LA AND BB1-2 and BB5-7)

How to open an account

You need to arrange an appointment at your local branch (Monday to Saturday). Alternatively, call into your local branch and speak to one of our team.

Unless you have an account with us already, we will need you to provide proof of your identity and evidence of your address. Please bring one original document of each. Acceptable documents include:

Proof of identity
  • Current valid signed passport
  • Current UK photocard driving licence
  • Firearms certificate or shotgun licence
  • A blue disabled drivers pass
  • An EU photocard driving licence
Evidence of your address
  • Recent utility bill dated within the last six months (mobile phone bills cannot be accepted though)
  • A council tax bill valid for the current year
  • Bank, building society or credit union statement dated within the last six months

If you open an account as a trustee, we will need proof of identity and evidence of address for both you and the account holder. If you do not have any of the above, please contact us before you visit.

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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