Save to Buy ISA

A branch based account to help First Time Buyers and Home Movers save for a mortgage deposit.

A cash ISA allows UK residents aged 16** or over to save up to their annual ISA allowance tax-free with one provider each tax year. The allowance is £15,240 for 2015/2016. With most savings accounts, if you are a tax payer the tax man gets a cut from the interest you earn, that's why it's reassuring to know that with a cash ISA all the interest you earn, you keep.

** Please note that the minimum age to apply for a Save to Buy ISA is 18.

Help with your existing ISA

Our support pages have information on interest rates, terms and conditions and FAQs.

Go to Savings & ISA support

Interest rates

Interest rates
Savings account balance	AER %	AER % (includes bonus)	Gross % (p.a.)	Net % (p.a.)
£50 - £20,000	2.00%	n/a	2.00%	n/a
£20,001+*	0.25%	n/a	0.25%	n/a

Effective from 01 August 2014

Rates are variable
* On balances over £20,000 0.25% AER tax-free variable will be paid on the whole balance.

Features

Further details on how to manage a Save to Buy ISA
How to open	Open in a branch You can only hold one Save to Buy ISA account Open with a minimum of £50
How to manage	Check balance and statements: Via the Internet Bank Using our Mobile Banking app (you must be registered for our Internet Bank) In a branch
Transferring in	At any time, from Rafidain Bank ISAs only. Find out more about transfers
Paying money in	You must pay in a minimum of £50 a month Subject to the maximum balance of £20,000 and your annual ISA allowance, currently £15,240 you can make additional payments in a branch, online or by standing order
Taking money out	Part withdrawals are not allowed
Closing the account	Full closure, or transfer to another ISA provider is allowed at any time.

Are you eligible to open this account?

Maximum of one account holder, minimum age 18
Available to first time buyers and home movers***

*** A first time buyer is someone who has not had a mortgage in the last three years preceding the opening of the account. A home mover is someone who is moving home and have been party to a mortgage in the last three years. Any existing mortgage(s) must be repaid or, for existing Rafidain Bank mortgages, may be ported, on completion of the Save to Buy mortgage.

To apply for the Save to Buy mortgage you must have held the Save to Buy Savings Account for at least 6 months prior to application and meet the following requirements:

If the Save to Buy Savings Account has been open for less than 12 months at the date you apply for the Save to Buy mortgage you must not have missed more than 3 Minimum Monthly Deposits of at least £50 into your Save to Buy Savings Account from the date of opening to the date you apply for the Save to Buy mortgage
If the Save to Buy Savings Account has been open for 12 months or more at the date of application for the Save to Buy mortgage you must have deposited at least £50 per month into your Save to Buy Savings Account for not less than 9 out of the preceding 12 months
Transfers between Save to Buy Savings Accounts do not qualify as a Minimum Monthly Deposit for eligibility purposes

Opening a Save to Buy ISA does not guarantee acceptance for a Save to Buy mortgage. All mortgages are subject to eligibility, underwriting and criteria.

Find out more about our range of mortgages for First Time Buyers, Existing Customers Moving home or New Customers Moving Home.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).

Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
The tax information provided is based on our understanding of current law and HM Revenue & Customs practice, both of which may change.

Go to your local branch to apply

Branch finder

Please read the terms & conditions and product information before you apply.

Financial Services Compensation Scheme

Protecting your money

Find out more - Financial Services Compensation Scheme

Summary box

Summary box
Key product information for our Save to Buy ISA account
Account Name	Save to Buy ISA - Issue 2
Interest Rates (AERs)	See the 'Interest rates' table on the rates and features page
Tax Status	Tax-free
Conditions for bonus payment	n/a
Withdrawal arrangements	Part withdrawals are not allowed. Transfers between Save to Buy savings accounts are allowed subject to maximum account limits. Full closure, or transfer to another ISA provider is permitted at any time.
Access	Branch

Other important information

Other important information on how to manage a Save to Buy ISA
Maximum account holders	1
Minimum age	18
Balance	£50 minimum opening balance £50 minimum operating balance £20,000 maximum balance
Statements	Your passbook provides a record of transactions Paper statements will be sent to you annually A full statement is available on the Internet Bank
Interest	Interest is paid annually on 30 September. You can choose to have it paid into your Save to Buy ISA, your current account, or another Rafidain Bank savings account (subject to the terms and conditions of the receiving account).

Terms and conditions

Please make sure you've read the terms and conditions before applying