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First Home Saver
Get up to £5,000 tax-free cashback
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 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 qualify for 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.
This page provides the current interest rates that apply to this account. We have a separate page for previous savings interest rates.
Full copies of the fees and rates, and terms and conditions that apply to our personal accounts can be downloaded for our terms and conditions page.
Current savings rates
First Home Saver
| Amount | AER | Gross Rate % p.a. | Net Rate % p.a. | Tracking Rate -% below Bank of England Base Rate^ |
|---|---|---|---|---|
| £50,000 + | 0.50% | 0.50% | 0.40% | 1.25% |
| £25,000 - £49,999 | 0.50% | 0.50% | 0.40% | 1.50% |
| £10,000 - £24,999 | 0.25% | 0.25% | 0.20% | 1.75% |
| £5,000 - £9,999 | 0.25% | 0.25% | 0.20% | 2.35% |
| £500 - £4,999 | 0.10% | 0.10% | 0.08% | 2.60% |
| £1 - £499 | 0.10% | 0.10% | 0.08% | N/A |
Interest paid annually.
Last updated on: 2 Jan 2009.
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 3 August 2011. 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.
Our Tracking Rates apply to all accounts with balances of £500 or more until the level of Bank of England Base Rate is such that no credit interest would be payable. In these circumstances the rates as outlined in column 1 (Gross Rate p.a./AER %) will be applied. 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 | £5000 |
| Up to £50,000 | £2500 |
| Up to £25,000 | £1000 |
| Up to £10,000 | £500 |
| £500 to £5,000 | £100 |
Cash back is paid provided the Terms and Conditions (PDF, 286KB) of the First Home Saver Account are met. The amount of cashback is based on the lowest savings balance in the 6 months before the mortgage is drawn down. It is exempt from tax as it falls within HM Revenue & Customs Statement of Practice SP4/97.
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Common definitions
Annual Equivalent Rate (AER). This is a notional rate used for interest bearing accounts which illustrates what the interest would be if paid and compounded each year. It helps you to compare the effective rates of credit interest on different accounts.
Gross Rate. This means the interest rate you are paid before the deduction of income tax.
Net Rate. This means the interest rate you are paid after the deduction of income tax.
Terms and conditions
New customers will be asked to provide proof of identity including verification of address.
System updates will mean that our internet and telephone banking services are unavailable for short periods in the early hours of the morning
