Helping you save for a place of your own
Help to Buy: ISAs are now closed to new applicants, but you can continue adding money to one you’ve already opened until 30 November 2029. You can also transfer an existing Help to Buy: ISA to HSBC if you’re with another provider and hold an HSBC current account, Flexible Saver or Premier Savings.
Missed out? Explore other ways to save
How your Help to Buy: ISA works
Help to Buy: ISAs were brought in by the government to help first-time buyers save for a new home more quickly. Here’s a reminder of how they work.
1. Save your money
You can save up to £200 every calendar month. Save £1,600 or more and you’ll get a government bonus to use towards a property.
2. Find a property
When you've found a place to buy, let us know by phone or in branch. We’ll send you a closing statement to give to your solicitor or conveyancer.
3. Claim your bonus
Your solicitor or conveyancer will claim your 25% government bonus on your behalf. It will then be added to your funds when you complete on the property.
Your questions answered
How long can I keep my Help to Buy: ISA?
What's the interest rate?
How much will my bonus be from the government?
How do I claim my government bonus?
Can I transfer in from another Help to Buy: ISA?
Can I withdraw money from my Help to Buy: ISA?
Can I reopen my account if my property purchase falls through?
Managing your Help to Buy: ISA
Manage your ISA online
Check your balance and make transactions, 24/7, by logging on to online banking.
Other ways to manage your ISA
Ready to buy your first property?
Find out everything you need on the journey to owning your own home.
Summary box for our Help to Buy: ISA
The Financial Conduct Authority (FCA) requires all banks and building societies to include a 'summary box' like this one for each of their savings products. It gives you all the key facts and figures in one handy spot.
What is the account name?
Help to Buy: ISA
What is the interest rate?
|Balance||Tax-free per year||AER|
|Up to £12,000||3.45%||3.50%|
|Balance||Up to £12,000|
|Tax-free per year||3.45%|
|Tax-free per year||1.98%|
Interest is calculated each day and credited to your account every month. Balances of up to £12,000 will earn the higher rate of interest. Only the part of the balance that’s over £12,000 will earn the lower rate of interest.
Can HSBC change the interest rate?
Yes. The account pays a variable rate of interest, which means it can change over time. The HSBC Cash ISA Terms and Conditions (PDF, 1.38MB) explain when and how we do this. For example, we might review the interest rate if the Bank of England base rate changes.
What would the estimated balance be after 12 months, based on 12 monthly deposits of £200?
If you paid in £200 every month for 12 months, you'd have £2445.99 after we've added your interest. That's the £2,400 you'd have paid in, plus £45.99 in interest.
- you don’t make any withdrawals or add an initial deposit
- the interest rate stays the same
- you make your deposits on the same day each month
Don’t forget, if you’ve saved at least £1,600 you may also get a tax-free bonus of 25% when you close your account. To qualify for this, you’ll need to be a first-time buyer. You’ll also need to be buying a property (using a mortgage) worth up to £250,000 outside London or £450,000 inside London.
The example above is just to give you an idea of what you might get back. It doesn’t your individual circumstances into account.
How do I manage my account?
The Help to Buy: ISA has now closed to new applicants. However, if you’re an existing customer you can manage your account:
- via online banking
- via mobile banking
- by telephone
- in branch
Can I withdraw money?
Yes, you can take out money whenever you want. Just remember that you can only pay up to £200 a month into your Help to Buy: ISA, so making withdrawals means it will take longer to build up your savings. Also, the bonus you receive from the government is based on the final balance in your account, so anything you take out beforehand won’t count towards it.
You should also bear in mind that you'll lose the associated tax benefits on any money you withdraw.
A few extra things you should know:
- a 30 day cancellation period applies to this account.
- interest is paid tax-free. How valuable this is to you will depend on your personal circumstances. The tax treatment of ISAs could change in the future.
- Help to Buy: ISAs are a type of cash ISA. This means that if you pay into a Help to Buy: ISA, you won’t be able to pay into another cash ISA in the same tax year. You should also be aware that the maximum you can pay into a Help to Buy: ISA each year is less than you’d be able to pay into a normal cash ISA.
- AER: This stands for ‘annual equivalent rate’. This shows you what the gross rate would be if interest were paid and compounded each year.
- ISA: This stands for ‘Individual Savings Account’.