Tell me moreFirst Home Saver
Get up to £5,000
tax-free cashback
Manage your savings over the telephone with our new Telephone Saver.
This account is designed to help you save a deposit for your first home. If you have never had a mortgage and save regularly with us, you could qualify for a cashback.
Get up to £5,000 cashback* if you complete the following steps:
- You, or in the case of a joint account neither of you have held a mortgage
- Open an account with £100 and set up a monthly Standing Order of at least £50
- Keep the account open for at least 6 months, then qualfiy and take out a RBS mortgage
- Claim cashback within 3 months of the mortgage being drawn down
See First Home Saver Rates and First Home Saver legal information
*£5,000 cashback is based on savings of £50,000 and is based on the lowest savings balance in the 6 months before the mortgage is drawn down.
Your First Home Saver account has the following savings features:
Tiered interest rates – the more you save the more interest you earn. See the interest rates.
Three free withdrawals per quarter – further withdrawals cost £1.50 each.
Interest is calculated daily and paid annually. Interest rates are variable.
First Home Saver (Annual Interest)
| Amount | Gross Rate % p.a. | AER% (variable) | Net Rate % p.a. | Tracking Rate -% below Bank of England Base Rate |
|---|---|---|---|---|
| £50,000 + | 1.75 | 1.75 | 1.40 | 1.25 |
| £25,000 - £49,999 | 1.50 | 1.50 | 1.20 | 1.50 |
| £10,000 - £24,999 | 1.25 | 1.25 | 1.00 | 1.75 |
| £5,000 - £9,999 | 0.65 | 0.65 | 0.52 | 2.35 |
| £500 - £4,999 | 0.40 | 0.40 | 0.32 | 2.60 |
| £1 - £499 | 0.30 | 0.30 | 0.24 | n/a |
| We calculate interest on a daily basis. We add this interest to your account (or to another account at the same branch) every year on the last business day of March. The tracking rate only applies to interest on balances of £500 or more until 1 February 2009. You may make 3 withdrawals without separate charge during each 3 month period that you have your account (the first of which will commence on the date on which the account was opened). We will charge you £1.50 when you make each further withdrawal. | ||||
First Home Saver Tax-free Cashback
| Amount | Cashback |
|---|---|
| Over £50,000 | £5,000 |
| Up to £50,000 | £2,500 |
| Up to £25,000 | £1,000 |
| Up to £10,000 | £500 |
| £500 to £5,000 | £100 |
First Home Saver Tax-free Cashback
(for accounts opened prior to 19 May 2008)
| Amount | Cashback |
|---|---|
| Up to £15,000 | £360 |
| Up to £12,500 | £250 |
| Up to £10,000 | £160 |
| Up to £7,500 | £90 |
| Up to £5,000 | £45 |
| Up to £2,500 | £20 |
| Cash back is paid provided the Terms and Conditions of the First Home Saver Account are met. It is exempt from tax as it falls within HM Revenue & Customs Statement of Practice SP4/97. | |
Gross rate- is the interest rate paid before the deduction of tax.
Annual Equivalent Rate (AER)- illustrates what the interest rate would be if paid and compounded each year.
Net Rate- is the interest rate paid after deduction of tax.
Terms and conditions
17.1 First Home Saver Accounts are available only to individuals aged 16 years or over, and mortgages are available only to individuals aged 18 years or over.
17.2 Joint accounts are permitted provided that one of you takes out a mortgage with us.
17.3 When you open your account, you must deposit at least £100 into the account.
17.4 After you open your account, the balance may fall below £100 but it must not exceed £1 million.
17.5 Interest on balances of £500 or more will be paid at a rate which tracks the Bank of England Base Rate by a percentage rate as set out in our leaflet Savings Interest Rates.
17.6 When the Bank of England Base Rate changes, we will change the interest rate on your account within 30 days of the change to the Bank of England Base Rate. We will give you notice of any change to the interest rate on your account. We will do so by taking the steps set out in General Condition 10.3.6.
17.7 Interest will be paid into your First Home Saver Account or another account held by you at your branch.
17.8 Your account allows instant access withdrawals. You may make 3 withdrawals for free during each 3 month period that you have your account (the first of which will commence on the date on which your account was opened). We will charge you when you make further withdrawals as set out in our leaflet Savings Interest Rates.
17.9 You may not have your wage or salary paid directly into your account.
17.10 Standing Order and Direct Debit payments are not permitted on your account.
17.11 Arranged overdrafts are not available on your account.
17.12 Cheque books are not available on your account.
17.13 You will be entitled to cashback on your account, provided that you meet all of the following requirements:
(a) you have not previously held a mortgage, or if your account is in joint names, neither one of you has previously held a mortgage; and
(b) your account has been open for at least 6 months prior to the mortgage being drawn down; and
(c) you maintain a balance, of at least the amount required to qualify for the cashback at any given tier, for a minimum of six months. If, after that six month period, you need to withdraw money as part of the house buying process then you will still be entitled to your cashback, so long as the mortgage is drawn down within 60 days of the withdrawal being made. If you opened your First Home Saver Account prior to 19 May 2008 any claim made in the six months following the 19 May 2008 will be paid according to the cashback tiers and eligibility crieteria when you opened your account. After 30 November 2008 all claims will be paid according to the cashback tiers and the eligibility criteria introduced on 19 May 2008; and
(d) at least one payment a month of a minimum of £50 is made into your account by Standing Order; and
(e) you (or, if you apply for the mortgage jointly, each of you making the mortgage application) meet our standard mortgage criteria for the mortgage you apply for; and
(f) you draw down one of our mortgages (excluding Buy to Let mortgages); and
(g) your account remains open for 4 months following the draw down of the mortgage.
17.14 Only one cashback per mortgage application will be allowed. Only one cashback can be claimed per person. Where your account or mortgage is in joint names, only one cashback will be paid.
17.15 Cashback will not be paid automatically. You must claim it within three months of the mortgage being drawn down.
17.16 To claim cashback you must contact us on 0808 100 9510. We will then advise you if you qualify for cashback. If you qualify, we will pay the cashback into your account within 30 days of the date you contact us.
17.17 If cashback is payable:
(a) it will only be paid into your First Home Saver Account; and
(b) it will be calculated using the lowest balance in your account in the 6 months prior to the mortgage being drawn down, subject to a maximum balance as detailed in our leaflet Savings Interest Rates. When calculating the lowest balance we will not take into account any withdrawals that you make in the 60 days prior to the drawdown of the mortgage which are made as part of the house buying process. We may ask you to vouch the purpose of each withdrawal.
17.18 We may withdraw the cashback offer, provided that we notify you personally six months beforehand.
Download the full terms and conditions which apply to this account.
back to top- Please also read our website terms and conditions which cover your use of this website