If you are saving to buy your first home, save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000 and you can open a Help to Buy: ISA at a number of banks, building societies and credit unions. Simply make a deposit of up to £1,200 in your first month to get started, followed by monthly deposits of up to £200. You need to save at least £1,600 before you can claim the minimum government bonus of £400. To receive the maximum government bonus of £3,000 you must have saved at least £12,000.
You can only have one Help to Buy: ISA at any one time, however you are permitted to transfer your account between ISA managers such as banks, building societies and credit unions. Help to Buy: ISAs will be available to open until 30 November 2019. You can continue to save into your account until 30 November 2029 and your bonus must be claimed by 1 December 2030. If you choose to close your account before this date your bonus must be claimed within 12 months. We strongly recommend not closing your account until you are confident you are about to buy your first home.
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