This account is no longer available to open. This product information is for existing account holders
Product Description
A tax-free savings account designed for first-time buyers. It offers a 25% bonus from the government and an additional 10% bonus from VBS if you take a mortgage with us (both paid after house purchase completes). See ‘Additional Information’ for full detail and conditions.
Help to Buy ISA
Up to date rate information can be found on our Interest Rate Notice
Interest is calculated daily and added to your account annually on the 31st March.
Yes, the rate is variable. That means we can move it, up or down.
Section 10 of our ‘Terms & Conditions for Savers’ explains when we can do this, and how we’ll let you know.
You can operate your account in branch and through our Online Services.
The account allowed an initial deposit of £1,200 in the first month of opening, then deposits of up to £200 every month afterwards.
Deposits can be made in branch by cash or cheque, standing order or online banking.
Withdrawals in branch can be made by cash, cheque, or Faster Payment.
Withdrawals over the telephone or through Online Services will be sent by Faster Payment directly to your nominated bank account or to another Vernon Building Society account in your name.
There is no minimum withdrawal amount for this account. A minimum balance of £1 must remain after a withdrawal.
If you make a withdrawal from this account, you will not be able to claim any bonus on this amount.
Please also refer to section 12 of the Terms & Conditions for Savers brochure for further information.
The information contained in this product summary forms part of the terms and conditions of the account and should be read in conjunction with our Terms & Conditions for Savers. Section B contains specific Additional Conditions which relate to Cash ISA products.
Your ISA savings and interest are tax exempt and do not count towards your Personal Savings Allowance. The tax treatment of ISAs may be subject to change in the future by Government and HM Revenue and Customs.
Transfers in
We do not accept transfers into this account from other Help to Buy ISA providers.
Transfers out
You can transfer funds held in this account in full to a Help to Buy ISA with another provider. Talk to your new provider to arrange the transfer.
A bonus will be paid if you are closing the account with the purpose of purchasing a property.
To qualify for the government bonus, you must have a minimum balance of £1,600 on closure. The minimum bonus you could receive is £400 and the maximum bonus you can claim on funds in this account is £3,000, which means you would need a balance of £12,000 on closure. When you close your account, we will issue a closing statement to be given to your solicitor who will request the bonus from the government on your behalf.
The government bonus can be claimed up until November 2030.
If you take your mortgage with us, we’ll give you 10% of the capital balance as a bonus. You must have a minimum balance of £1,600 and have held your Help to Buy ISA with us for a minimum of 6 months. The minimum bonus you could receive is £160 and the maximum bonus you can claim on funds in this account is £1,000, which means you would need a balance of £10,000 on closure.
For joint mortgage applicants, a bonus from us will be awarded for each holder of an account.
Both bonuses are paid after completion of the property purchase and won’t be able to be used towards your deposit.
Having a Help to Buy ISA with us does not guarantee that we will be able to offer you a mortgage.
How do I claim my government bonus?
You’ll need to request an account closure, which can be done in branch or online. On closure, we will issue a closing statement which you will need to send to your solicitor. They will then apply for your bonus from the government. The bonus can only be claimed through an account closure, so don’t withdraw any funds that you intend to claim a bonus from.
You must have a closing balance of at least £1,600 and be purchasing a property of no more than £250,000 (£450,000 in London). You must claim the bonus before 1st December 2030.
How much of a bonus can I get from the government?
The government will pay a bonus of 25% of the closing balance of your Help to Buy ISA. The minimum bonus you can claim is £400 and the maximum is £3,000, meaning you’d need a closing balance of £12,000 to receive the maximum bonus.
The bonus will be paid after completion and so can’t be used towards your deposit.
How do I claim my Vernon bonus?
When you apply for a Vernon mortgage tell your mortgage adviser that you have a Vernon Help to Buy ISA so that they can ensure your bonus is paid. We’ll make a note on your mortgage application and will send the bonus once the mortgage completes.
You must have a closing balance of at least £1,600 and have held the account with us for at least 6 months.
How much bonus can I get from The Vernon?
We will pay a bonus of 10% of the closing balance of your Help to Buy ISA. The minimum bonus you can claim is £160 and the maximum is £1,000, meaning you’d need a closing balance of £10,000 to receive the maximum bonus. If the mortgage is a joint application, only one bonus can be claimed between both applicants.
The bonus will be paid after completion and so can’t be used towards your deposit.
What happens if the house purchase falls through?
If you close your Help to Buy ISA as part of a purchase and the sale doesn’t go ahead, you can reopen your Help To Buy ISA with us and deposit the closing balance back in.
How do I transfer my Help to Buy ISA to The Vernon?
We are not currently accepting transfers into this account.
How do I transfer my Help to Buy ISA with The Vernon to another provider?
You need to speak to your new ISA provider, who will be able to arrange the transfer for you.
You will need to provide your Vernon ISA details:
Account number: 10920320
Sort code: 20-55-34
Reference: Your Vernon account number
Your Vernon account number is printed at the top of the right-hand page of your passbook. You can also find it by logging on to Online Services.
Any ISA transfers must be transferred in full which will close your account.