First Home Saver (Issue 2)

Product details

What is the interest rate?

3.25% Gross/AER

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

Can Progressive change the interest rate?

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.

What would the estimated balance be after 12 months based on a £500 deposit per month?

£6,106.53

This is an example based on the account being 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 and assumes the interest rate does not vary during the 12 month period.

How do I open and manage my account?

The account is available to:
existing Members and new customers resident in Northern Ireland only,
aged 18 years and over, and
have not held a mortgage previously (either with the Society or another lender).

The account must be held in sole name.

There is a minimum lodgement of £1 required to open this account.

You can save up to £500 in the calendar month in which you make your first deposit into the account.

You can save up to £500 each subsequent month.

The account can be opened and operated at any of the Society's branches, agencies or by post.

Can I withdraw money?

Yes, this is an instant access account, withdrawals are allowed.

You can withdraw up to £500 in cash in a branch and £250 in cash in an agency, larger amounts must be withdrawn by cheque.

Additional information

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 First Home Saver account terms and conditions for full details.

AER stands for Annual Equivalent Rate and illustrates what the interest rate will 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 1 February 2026.

For further information refer to the terms and conditions of the account and the terms and conditions contained within the Savings General Terms and Conditions. You can obtain a copy of these documents in the 'Useful Information' section below.