Published On: Wed, Nov 6th, 2019

Help to Buy ISA: When does Help to Buy end? Deadline for getting the bonus worth thousands | Personal Finance | Finance


Ahead of getting on the property ladder, some people may opt to open a Help to Buy ISA. This is a type of savings account which allows a person to see their savings boosted by a government bonus of 25 percent. For every £200 saved, a government bonus of £50 is applied.

The deadline to opening a Help to Buy ISA is approaching, with this being at midnight on November 30, 2019.

If a person has already opened a Help to Buy ISA, they will still be able to transfer it to a different provider after that date, as explained by the government website’s Help to Buy guidance.

Will Help to Buy ISA accounts close on November 30?

While it’s only possible to open a new Help to Buy ISA up until this deadline, those who already have an account by this time are able to continue saving in it.

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This will be possible up until November 30, 2029.

After this date, savers will have a further 12 months, until November 2030, to claim their bonus.

Who is eligible for a Help to Buy ISA?

In order to qualify for this kind of an ISA, a person must:

  • Be 16 or over
  • Have a valid National Insurance number
  • Be a UK resident
  • Be a first time buyer, not owning a property anywhere in the world
  • Not have another active cash ISA in the same tax year – or face additional steps.

A Help to Buy ISA differs to a Lifetime ISA, which is also a type of ISA which can offer a 25 percent government bonus.

A person can pay £4,000 into a Lifetime ISA, which is also known as a LISA, each tax year – up until they are 50.

The maximum government bonus is £1,000 for this type of account.

A Lifetime ISA can be used to buy one’s first home or for later life savings, and one must be over the age of 18 but under 40 in order to open one.



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