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Help to Buy ISA accounts

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At what age do we think about saving for a first home?

With the new help to buy ISA , anyone from the age of 16 can start building a deposit for their future home purchase. You can earn up to 4% interest tax-free and then the state will add 25% free cash, and it could be £1,000s, on top of what you save.

Even with all the hype about the new personal savings allowance, if you're a first-time buyer, putting your cash in a Help to Buy ISA before thinking about any other savings is a no brainer. So at the point you use the ISA to buy your first home, all the money you have put in and the interest will have 25% added to it, with two exceptions:

You need to have at least £1,600 saved to get the bonus (so you'd get £400 extra).

The most you'll get the bonus on is £12,000 (so a £3,000 bonus). If you have more than that you can still use the ISA to save, you just won't get more than £3,000 on top.