A new account to help first time buyers save towards a deposit on their first home.
If you are an individual who is resident in the UK and have never been party to a mortgage, you can apply for a First Time Buyer savings account to be opened in your name or as a joint account (maximum of 4 account holders). Accounts cannot be held in trust. When opening an account in joint names, at least one of the account holders must have never been party to a mortgage.
To receive the bonus interest and cashback all account holders must be parties to the Yorkshire Building Society mortgage applied for. The minimum age for a Yorkshire Building Society mortgage is 18, although you can start saving for your deposit before then.
Your initial deposit is a minimum of £100 and must be paid by cheque or cash. For subsequent deposits, at least £100 must be deposited per calendar month by standing order. When you open your account you will be given a standing order form that you should complete and send to the bank or building society from which your monthly payments will be made. Please ensure that you have sufficient money in your bank or building society account to cover your payment each month.
You can also make further deposits at any time, by cash , cheque or standing order, subject to the maximum overall account balance of £50,000.
Your First Time Buyer savings account offers instant access. Using your account passbook, you can withdraw money over the counter at any of our branches or agencies.
You must keep at least £100 in your account.
£100 cashback
To qualify for the £100 cashback on completion of your Yorkshire Building Society mortgage, you must make at least 3 consecutive monthly contributions of £100 or more in to your First Time Buyer savings account before you apply for your mortgage.
Once you have been issued with a full mortgage offer from the Society, any accrued bonus will be added to your balance and your account will be automatically transferred to our Access Saver (annual interest) product. Your account number will remain the same and your existing passbook will continue to be used. If you do not wish your balance to be transferred to Access Saver you must provide us with alternative instructions.
| Account Name | First Time buyers savings account |
|---|---|
| Interest rates (AERs) | Variable rate paid monthly, view interest rate |
| Tax Status |
or
|
| Conditions for bonus payment | Bonus interest will be paid when a full mortgage offer is issued. No bonus payable if a YBS mortgage offer is not issued. You must make at least 3 consecutive monthly contributions of £100 or more in to your First Time Buyer savings account before you apply for your mortgage. |
| Withdrawal arrangements | Unlimited withdrawals. Subject to daily withdrawal limits |
| Access | Branch or Agency |
Whether you can benefit from gross, net or tax free interest is dependent on your own personal circumstances and tax status and so may be subject to change in the future.
Effective 29 March 2009
|
Balance £ |
Account Type |
Gross Rate P.A. % |
Net Rate P.A. % |
AER % |
|---|---|---|---|---|
|
£100 and above |
Including conditional bonus |
2.05% |
1.64% |
2.07% |
|
£100 and above |
Excluding conditional bonus |
1.03% |
0.82% |
1.04% |
£100 per month saved at 2.05% gross p.a/ 2.07% AER (rate including conditional bonus) would lead to gross interest of £13.39 at the end of the 12 month period
Effective 22 February 2009
|
Balance £ |
Account Type |
Gross Rate P.A. % |
Net Rate P.A. % |
AER % |
|---|---|---|---|---|
|
£100 and above |
Including conditional bonus |
2.55% |
2.04% |
2.58% |
|
£100 and above |
Excluding conditional bonus |
1.28% |
1.03% |
1.29% |
£100 per month saved at 2.55% gross p.a/ 2.58% AER (rate including conditional bonus) would lead to gross interest of £16.66 at the end of the 12 month period
AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.
Net: Interest on investments and savings amounts is payable net of income tax, which means after the deduction of income tax at the lower rate of 20%, or subject to the required registration gross.
This savings account can be operated in various ways but must be opened at a branch or via the post.
Note: When applying for a YBS account you will need to verify your identity and address. Check our Verifying your Identity section for more details of what you may need to take with you.
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).
