Online First Home Saver Account (Issue 1)

Online First Home Saver Account (Issue 1)

4.00% Gross/AER

The interest is paid annually and will be credited to your account after close of business on 1 January.

Yes, the interest rate is variable.

We can increase or decrease the interest rate as described in our Savings General Terms and Conditions.  

If we are decreasing the interest rate, we will notify you at least 14 days before the change takes effect.

£6,131.13

This example assumes that the account is opened on 2 January with an initial deposit of £500 and 11 monthly lodgements of £500 at the start of each month, which is the maximum monthly amount allowed. This example also assumes the the interest rate does not vary during the 12-month period.

The account can only be opened and managed online www.theprogressive.com

This account is available to:

• existing Members and new customers resident in Northern Ireland, only;
• aged 18 or over; and
• have not held a mortgage previously (either with the Society or another lender).

The account must be held in sole name.

Only one Online First Home Saver Account (any issue) can be held per person.

There is a minimum lodgement of £20 required to open this account and the maximum deposit per calendar month is £500, meaning you can save up to a maximum of £6,000 per calendar year. The first payment to the account must be made by electronic transfer from a bank account held in your name or by debit card.

Subsequent monthly payments must be made by electronic transfer. If you set up a monthly payment of less than the maximum of £500 per month, you may make additional lodgements to the account to make up the maximum monthly limit of £500, by debit card or electronic transfer.

Lodgements must reach your account by 25th of the month.

The minimum balance for the account is £20.

You can make unlimited withdrawals to your account.

All withdrawals must be made to a nominated bank account.

One withdrawal online per day, per account, is permitted up to a daily maximum of £250,000.

The nominated bank account must be in the name of the account holder i.e. the individual named on the account. 

If you have a First Home Saver account, you may be eligible for a £500 Mortgage Cashback, if you take out a Progressive Building Society Mortgage to purchase your first home. The property must be in Northern Ireland. Please refer to the Online First Home Saver account terms and conditions for full details.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. This will enable you to compare more easily the return you can expect from your savings over time.

Gross rate quoted is the taxable rate of interest without deduction of income tax.

You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs (HMRC) website hmrc.gov.uk     

The interest rate is correct as of 9th May 2024.