How to manage your Help to Buy: ISA

From 1 December 2019, we no longer offer Help to Buy: ISAs for new applicants.

It is a tax-free savings account designed for first time buyers (aged 16 or over) looking to save a deposit on their first home.

You could also qualify for an additional government bonus of 25% of your balance when you close the account. This is claimed by your conveyancer and used towards the purchase of your first property.

The maximum government bonus is £3,000, based on a balance of £12,000. If you save more, the additional amount will not go towards the bonus. The minimum bonus is £400, based on a balance of £1,600.

The property you’re buying also has to meet certain requirements and must be bought with the help of a mortgage.

You can pay in up to £1,200 during the first calendar month of making your first deposit.

For example, if you pay £100 into your account on 5 January, you have until 31 January to add the remaining £1,100.

After that, you can pay in up to £200 a month until 30 November 2029.

When you made your first deposit, you had until the end of that month to pay in up to £1,200. Now, you can pay in up to £200 a month until 30 November 2029.

You can pay in up to £1,200 during the first calendar month of making your first deposit.

For example, if you pay £100 into your account on 5 January, you have until 31 January to add the remaining £1,100.

After that, you can pay in up to £200 a month until 30 November 2029.

• Pay in money at any branch using your passbook or sort code and account number.
• Use the Banking App to move money between your Nationwide accounts.
• Make a single payment or quick transfer on the Internet Bank.
• Transfer savings from another ISA manager.
• Set up a one off or regular payment from your Nationwide or other current account using these details:
  • Sort code: 070093
  • Account number: 33333334
  • Roll/Ref: full account number, for example 1234/123456789. You can find your account number on the Internet Bank.

If you're a Nationwide member trying to pay in more than £200 as your first deposit, you'll need to visit us in branch so we can help you with this.

You can save up to £200 a month (until 30 November 2029). You don’t have to save as much as this – but if you decide not to, you can’t make it up the following month.

If you don’t use any of your ISA allowance for an entire tax year, the next time you try to pay into your Nationwide ISA, you’ll need to complete an ISA renewal form. If you don’t, the payment will not go through.

The quickest way to complete the form is by logging into the Internet Bank. If you haven’t already, you can register for the Internet Bank now.

See our guide to renewing your ISA

You can move savings from another ISA into your Help to Buy: ISA. But any savings that you move will still count towards your monthly paying in limit of £200.

If you want to move savings from a Nationwide ISA, use our Internet bank or Banking App.

If you’re moving savings from a non-Nationwide ISA, use these details:

• Sort code: 070093
• Account number: 33333334
• Roll/Ref: full account number, for example 1234/123456789. You can find your account number on the Internet Bank

You can only hold one Help to Buy: ISA with one ISA manager.

As well as your Help to Buy: ISA, you can continue to pay into your other Nationwide cash ISA products during the same tax year. This is because the Nationwide cash ISA is a portfolio ISA. Although you're paying into different ISA products, you're only paying into one portfolio cash ISA. Just make sure the combined total of your cash ISA products, including your Nationwide Help to Buy: ISA, doesn't go over the annual ISA allowance.

The government bonus is usually paid between exchange and completion.

When you’re ready to buy a property, let us know so we can close your Help to Buy: ISA. We’ll issue a statement confirming that your Help to Buy: ISA is closed. You won’t be able to claim your bonus without this. Give the closing statement to your conveyancer, who can then apply for your bonus (as long as you’re eligible).

The latest date you can claim the bonus is 1 December 2030.

Your conveyancer can apply to claim the bonus within 12 months of the date the account is closed.

The latest date for claiming the bonus is 1 December 2030.

To claim the bonus, you must be what the Scheme refers to as a ‘First Time Buyer’.

This means:

• you are not and have never been a Residential Property Owner
• you will become the owner of a property in the UK (either on your own or jointly).
• the property must be purchased by you with the aid of a mortgage (not necessarily a Nationwide mortgage)
• the property must cost no more than £250,000 outside London and £450,000 within London (a list of inner and outer London Boroughs is given in the Scheme Rules). For shared or joint ownership properties this means the full sale price of the property, not just the cost of the initial share being bought
• the bonus is claimed on your behalf by your conveyancer and must be used directly to fund your purchase
• you intend to occupy the property yourself as your only or main residence
• you occupy the property when purchased (unless you are in the Forces and unable to do so)

If your property purchase falls through, your conveyancer will give you a ‘Purchase Failure Notice’. If you give the notice to us within 12 months of closing your Help to Buy: ISA, you can open another Help to Buy: ISA, as long as we still offer a suitable Help to Buy: ISA account. You will be able to deposit an amount up to the balance of your old Help to Buy: ISA at the point it was closed.

You can withdraw or transfer money from your account any time you like.
However, the bonus is worked out on your closing balance. So, if you take any money out before closing your Help to Buy: ISA, the bonus won’t count on the amounts you withdraw.

The latest date for claiming the bonus is 1 December 2030.