First Home Steps Account (Issue 2)
Our First Home Steps account is a regular saver account for First Time Buyers. If you are starting to save to buy your first home, our First Home Steps account may be right for you.
- Open in branch or at an agency
- Pay in up to £1,500 per month, in one or more payments
- You don't have to pay money in every month
- For balances eligible for the higher tier rate of interest, the higher rate applies to the whole balance
- Once you have saved £25,000 you can't put any more money in
- Interest is calculated on the money in the account each day and paid each year on 1 January
- You can take money out three times every calendar year
- You can close the account, but closure counts as a withdrawal
- We can stop accepting applications at any time. This account is only available to First Time Buyers.
|Balance||Gross* each year||AER†|
|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
|What is the interest rate?||
Gross* each year/ AER† (Variable)
£1 - £2,500
£2,501 - £7,500
£7,500 - £25,000
(See the meanings of ‘Gross’ and ‘AER’ at the bottom of this page)
Interest is calculated each day on the money in the account and paid on 1st January every year. For balances eligible for the higher rates of interest, the higher rate will apply to the total amount of money in the account 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?||This is based on no money being taken out of the account and no change to the interest rates:
£4,877.93 This is based on you paying in £350 a month for 11 months and a first payment of £1,000 on the date the account was opened.
£18,137.23 This is based on you paying in £1,500 a month for 12 months, making the first payment on the date the account was opened.
|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
- First Home Steps Issue 2 Account Terms and Product Summary Information
- Savings Terms and Conditions
Please also read the following:
We are covered by the FSCS
Find out more about what it means for you.