First Home Steps Account
If you are looking to start saving to buy your first home, our First Home Steps Account may be right for you.
- Due to the latest government guidance, from Monday 26th October to the 8th November, we will be unable to conduct any branch appointments for savings account openings in Wales.
- Save from £1 to £25,000, maximum deposit of £1500 per calendar month
- Interest is calculated on your daily balance and paid annually
- Three withdrawals permitted per calendar year
- This account can only be opened by First Time Buyers
|Variable - Tier 1||£1 - £2,500||0.80%||0.80%|
|Variable - Tier 2||£2,501 - £7,500||1.00%||1.00%|
|Variable - Tier 3||£7,501 - £25,000||1.50%||1.50%|
Please read the summary box below
- Summary Box
- Help & Guidance
|Account name||First Home Steps Account|
|What is the interest rate?||
Gross* p.a./ AER† (Variable)
£1 - £2,500
£2,501 - £7,500
£7,500 - £25,000
Interest is calculated on your daily balance and paid annually on 1st January every year. For balances eligible for the higher rates of interest, the higher rate will apply to the total balance when that day’s interest is accrued.
|Can Principality change the interest rate?||
|What would the estimated balance be after 12 months based on a £4,850 or £18,000 deposit?||Based on the assumption that no withdrawals are made and the rate does not change:
£4,877.93 (based on an initial deposit of £1,000 made at account opening, followed by 11 monthly deposits of £350 made on the same day each calendar month).
£18,137.23 (based on 12 monthly deposits of £1,500, the first being made at account opening and the remaining 11 on the same day each calendar month).
|How do I open and manage my account?||
|Can I withdraw money?||
Before you apply, please read the First Home Steps Issue 2 Account Terms & Conditions
- Savings Terms and Conditions
- First Home Steps Issue 2 Account Terms and Product Summary Information
Please also read the following:
We are covered by the FSCS
Find out more about what it means for you.