Help to Buy: ISA
Key Product Information (including summary box)
|Interest rate||Can the interest rate change?||Estimated balance after 12 months based on £1200 deposit||How do I open and manage my account?||Can I withdraw money?|
The interest is paid annually.
|Yes, the interest rate is variable. We can increase or decrease the interest rate as described in our Terms and Conditions of the account.
If we are decreasing the interest rate we will notify you before the reduction but within 14 days before the change takes effect.
This is an example based on the account being opened on 2 January with an initial deposit of £1,200 and 11 monthly lodgements of £200 at the start of each month which is the maximum monthly amount allowed and assumes the interest rate does not vary during the 12 month period.
|The account is available to existing Members and new customers resident in Northern Ireland only who are aged 16 years and over.
The account can be opened and operated at any of the Society’s branches, agencies or by post.
There is a minimum lodgement of £1 required to open this account and a maximum monthly lodgement of £200 is allowed.
|Yes, this is an instant access account, withdrawals are allowed.
Any withdrawals made from your Help to Buy: ISA may only be repaid subject to the maximum monthly subscription.
You will not be able to claim any Help to Buy: ISA Bonus on funds you have withdrawn from your Help to Buy: ISA.
You can withdraw up to £250 in cash and larger amounts must be withdrawn by cheque.
- This is a passbook operated account. The passbook must be produced when transacting on the account.
- You can make an initial deposit of up to £1,200 incorporating £1,000 maximum opening deposit and £200 maximum first month subscription.
- You must have a valid National Insurance Number and be a First Time Buyer.
- The Government Help to Buy: ISA Bonus is 25% of your final closing balance, up to a maximum of £3,000, when you purchase your first home. Your closing balance must be at least £1,600 to qualify for the Government contribution (subject to customer eligibility and acceptance of the Scheme Rules).
- You can only have one Help to Buy: ISA at any time.
- You cannot pay into a Help to Buy: ISA and another Cash ISA in the same tax year. The remaining ISA allowance can only be added to a Stocks and Shares ISA and an Innovative Finance ISA. At Progressive we only offer the cash ISA.
- This is a tax free account which means the interest paid is exempt from income tax.
- AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The AER allows you to easily compare the interest rate on savings accounts. The higher the AER, the better the return on your savings.
- Gross rate quoted is the taxable rate of interest without deduction of income tax.
- The information provided is a summary of the key features of the savings account and it is not intended to be a substitute for reading the Terms and Conditions that apply to the account.
- For further information refer to the Terms and Conditions of the account contained within the Cash ISA Savings booklet and the Society’s Savings Service Agreement.
- The interest rate is correct as at 1 September 2016.
How to Apply
For details on how to open a savings account with Progressive please read the documents Opening a New Progressive Account and Proving Your Identity in the Related Documents section above.
You can find out further information on this account by reading the specific Account Terms & Conditions together with the Savings Service Agreement. Please read both carefully as they set out your rights and obligations in your dealings with us. These documents can also be found in the Related Documents section above.
If at any time you require assistance or have a question about opening an account you can reach us by completing
the Email Us form or by calling 028 90244926.