West Brom BS launches Help to Buy ISA
West Bromwich Building Society has added a Help to Buy ISA to its range of savings accounts.
The product offers an interest rate of 2.00% on top of the government's bonus payment of 25%. The maximum bonus receivable is £3,000 on savings up to £12,000.
Up to £1,200 can be deposited in the first calendar month and then up to £200 in subsequent months.
Interest is paid annually and transfers in from other Help to Buy: ISAs and non-Help to Buy: ISAs are accepted.
Sophie Dwyer, the West Brom’s product manager for savings, said: “We have a good track record of lending to first-time buyers to support their aspirations for home ownership, so adding a Help to Buy: ISA to our portfolio is a logical next step.
“It means we can offer assistance to those customers who want to get onto the property ladder but still need time to save the necessary funds for a deposit. If they can secure an additional contribution from the government, as well as a competitive rate of interest, then hopefully that savings goal can be achieved a little more quickly.”
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