VIRGIN MONEY HELP TO BUY: ISA

The first step to owning your first home

A Help to Buy: ISA is a great way to save for the deposit on your first home. As well as earning tax-free interest as you save, the government will give you a £50 bonus every time you put away £200, up to a maximum bonus of £3,000.


The Virgin Money Help to Buy: ISA is for first time buyers aged 16 and over. To view the Scheme Rules in full, visit helptobuy.gov.uk/isa Opens in a new window 


Help to Buy: ISAs explained

Straightforward and straight-talking – Help to Buy: ISAs explained in three minutes.

How it works

1. Open a Help To Buy: ISA and start saving

  • In the first calendar month you can put away £1,200.
  • Put away up to £200 each calendar month thereafter.
  • If you're saving for a deposit with another first time buyer, you can both open a Help to Buy: ISA.

2. Get a 25% government bonus just by putting into your Help to Buy: ISA

  • The government will give you 25% of whatever you put away into your Help to Buy: ISA towards your first home, subject to eligibility.
  • The minimum bonus is £400 (if you put away £1,600) and the maximum is £3,000 (if you put away £12,000 or more in the ISA).

3. Get a mortgage boost when you buy your home

When you buy your first home, the government pays the bonus you’ve earned to your solicitor or qualified conveyancer, who’ll use it to complete your house purchase.

Like to save more?

If you can save more than the £200 monthly Help to Buy: ISA allowance – or if you already have money saved – you could open our Saving to Buy Account for your extra savings, or one of our other accounts.

Saving to Buy Account details

Deposit bonus calculator

I can afford to put away

£
a month.

I have already saved up

£

I'm planning on buying my first home in


months.

The longer you can save for, the bigger the deposit you’ll get

The calculation does not include any interest earned on your savings in each account, therefore your deposit would be greater.

Help to Buy: ISA guide

Am I eligible?

You'll be eligible to open a Help to Buy: ISA and claim the government bonus when buying your first home, if you:

  • Are a first time buyer, looking to buy a property in the UK.
  • Are a UK resident aged 16 or over with a valid National Insurance Number.
  • Have never received payment of a bonus under the Help to Buy: ISA Scheme Rules.
  • Will hold only one Help to Buy: ISA, and won’t pay into that Help to Buy: ISA more than the monthly allowance, as set out in the Scheme Rules.
  • Won't pay into another Cash ISA in the same tax year as you pay into this Help to Buy: ISA.
  • Agree to be bound by the Scheme Rules, which may be amended and/or restated at any time. To view these rules and eligibility criteria in full, visit helptobuy.gov.uk/isa Opens in a new window 

How do I get the government bonus?

Once you've found your home, confirmed your mortgage and had an offer accepted, your qualified conveyancer or solicitor will complete the purchase of your home. They must be registered as an eligible conveyancer with the Help to Buy: ISA Scheme.

When the relevant paperwork is in place, the conveyancer/solicitor will apply for the bonus on your behalf.

The bonus will be paid to the conveyancer/solicitor. They will add these funds to your deposit in order to complete the purchase.

Are there any limitations to the scheme?

Customers must meet the eligibility criteria and accept the Scheme Rules in order to claim the government bonus. The Scheme Rules are summarised below and can be viewed in full at helptobuy.gov.uk/isa

  • The minimum bonus payable from the Scheme is £400, and the maximum is £3,000.
  • The maximum you can deposit in the first month is £1,200. After this the maximum is £200 per month.
  • You don't have to deposit money every month.
  • You can withdraw money from your Help to Buy: ISA but these funds will lose their tax-free status. Any funds you want to pay back in will be subject to your monthly deposit limit.
  • You have 12 months from the date you close your Help to Buy: ISA to complete your house purchase using the bonus. If your house purchase falls through within this period, we can reinstate your Help to Buy: ISA.
  • You can't have a joint account - but if you’re buying your first home with another person and both of you are eligible for the Help to Buy: ISA Scheme, you can each open your own ISA. If one person isn't eligible (e.g. not a first time buyer) this doesn't stop the other from saving in a Help to Buy: ISA and claiming their bonus.
  • HM Treasury reserve the right to terminate the Help to Buy: ISA Scheme. In this event they'll provide written notice to all ISA managers, who will in turn notify their Help to Buy: ISA customers. HM Treasury will give a date when no further bonus can be claimed. This will be at least 12 months after their notice of termination.

How do I pay into and manage my account?

You can pay money into your account in a variety of ways, but the easiest way is to arrange a standing order or send a Faster Payment. We will let you know how to do this once you've opened your account.

Your Virgin Money Help to Buy: ISA will be managed online, with access when you need it, 24/7.

You can withdraw money from your Help to Buy: ISA, but these funds will lose their tax-free status. Any funds you want to pay back in will be subject to your monthly deposit limit.

Can I transfer or pay into another cash ISA?

  • You can only have one Help to Buy: ISA at any time.
  • You can transfer a Help to Buy: ISA in full from one ISA provider to another. The normal deposit limit of £1,200 in the first calendar month would not apply.
  • If you transfer a Help to Buy: ISA the £200 monthly limit can be paid into your new or existing Help to Buy: ISA, not both.
  • You can transfer money from a Help to Buy: ISA to another Cash ISA, but this will be classed as a withdrawal. Any funds you wish to pay back in to your Help to Buy: ISA will be subject to your monthly deposit limit.
  • You can't transfer funds from a Cash ISA held elsewhere, to a Virgin Money Help to Buy: ISA. Other providers may allow you to do this, but you can only transfer up to £1,200 in the first calendar month of subscription, or £200 in any subsequent calendar month.
  • You can't pay into a Help to Buy: ISA and a Cash ISA in the same tax year.

What if I can save more than £200 a month?

If you can save more than the £200 monthly Help to Buy: ISA allowance – or if you already have money saved – you could open our Saving to Buy Account for your extra savings, or one of our other accounts.

Why choose Virgin?

First Time Buyer Hub

Help and support for first time buyers like you – everything from tips on how to save up your deposit to finding your first home.


Virgin Group offers

Your Help to Buy: ISA comes with a fantastic range of offers that could save you money across the Virgin Group and beyond.

Apply online now in minutes

Help to Buy: ISA

A tax-free cash ISA that gives you a government bonus on savings of up to £1,200 in the first calendar month and £200 per calendar month thereafter.

Issue 2 – Variable rate

Variable rate of

2.50% AER1

2.50% Tax-free3 P.A.

Notice Easy Access
Account management Online
Min - max balance £1 - no max
Interest paid Monthly or Annually

Make sure you read and keep

As we're covered by the Financial Services Compensation Scheme, most savings with us are covered up to £75,000.

Saving to Buy Account Online

Don't forget, if you can save more than the £200 monthly ISA allowance - or if you already have money saved - you could open our Saving to Buy Account(this will take you to the top of the page) for your extra savings, or one of our other accounts.

Before you start your application

Check the following statements are true:

  • I am a first time buyer.
  • I am over 16 years of age with a National Insurance Number.
  • I am resident and looking to buy in the UK.
  • I have never received payment of a bonus under the Help to Buy: ISA Scheme Rules.
  • I will hold only one Help to Buy: ISA, and won't deposit more than the permitted monthly allowance.
  • I agree to be bound as an eligible customer by the Scheme Rules Opens in a new window 

Things you'll need to hand

  • Your bank or building society account number and sort code to set up an account for future withdrawals
  • Your National Insurance number

This is an online account.

It can only be applied for online, and you will manage it through our 24/7 Online Service site.

I am a new customer

Apply now

I am an existing savings or mortgage customer

Sign in and apply

Apply online in three steps

  • Register as a new customer or sign in if you are an existing customer.
  • Complete your application. For security reasons, your application will time-out if it’s left for more than 13 minutes.
  • Get immediate access to your online account. We'll send you an email to let you know when your new account is open.

    If you're opening a Saving to Buy Account as well as a Help to Buy: ISA, you'll be able to open this once your ISA application is complete. Look out for the links to this account at the end of the ISA application.