Savers could still earn £25,200 from Help to Buy ISAs | will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by will always be from Be Scamsmart.

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Michelle Monck

Michelle Monck

Consumer Finance Expert
Published: 29/11/2019 is telling those saving for their first to open a Help to Buy ISA before these accounts close to new applications on 30 November 2019.

Help to Buy ISAs give a 25% bonus for every £1 saved, so a £100 saved is worth £125. The maximum bonus that can be earned is £3,000.

These accounts earn interest in the usual way, but the bonus is not available until you are ready to pay a deposit for a house.

A Help to Buy ISA can be opened from as little £1 up to £1,200 for your first deposit, from then on you can add £200 every month.

After the 30 November 2019, Help to Buy ISAs will close to new applications, however existing account holders can continue to enjoy the benefits of the Government bonus until they reach the maximum of £3,000 or until the scheme closes completely to deposits on 30 November 2029. All bonuses must be claimed by 1 December 2030.

Here’s how to start saving now and get £25,200

Year One

  • Open a Help to Buy ISA on 30 November 2019 and deposit the full £1200
  • Make monthly payments of £200 from December to March in the 2019/2020 tax year
  • The deposit value would be £2,000
  • The bonus for this period would be £500
  • Interest would be added to your deposits (at the relevant point in time)

Years Two to Six

  • Save £200 per month for the tax years two to six
  • The deposits would grow by a further £12,000 during this period
  • In years two to five the Help to Buy ISA bonus will be £600 each year
  • In year six the bonus will be £100 (due to reaching the £3,000 bonus limit)
  • Your total deposits from year one to six are now £14,000
  • Interest would again be added to your balance during this period

Years Seven to Eleven

  • Save £200 per month for four years and eight months until November 2029
  • The deposits would grow by £11,200 during this period
  • The total deposits would now be £25,200

Lifetime ISAs (LISAs), the Help to Buy ISA’s nearest equivalent will continue after the 30 November deadline. However, there are only five providers of Lifetime ISAs, versus 24 in the Help to Buy market. Rates between the two products also have a huge variance with Help to Buy ISAs starting from 0.15% AER up to 3.00% AER compared to Lifetime ISAs at 1.00% AER up to 1.40% AER.

As an example, the difference in interest between the top paying Help to Buy ISA compared to the top rate LISA would be £21.08 for 12 months saving £200 per month. This extra £21 may not seem a great difference but will widen even further as compound interest is applied over the years. 

Savers looking for the best and fastest return on their savings to help buy a home should act now and open a Help to Buy ISA before the deadline.


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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