Savings

First Time Buyer savings account

A new account to help first time buyers save towards a deposit on their first home.

  • £100 cashback when you take out a Yorkshire Building Society mortgage to buy your first home
  • Save from as little as £100 per month
  • Instant access to your savings
  • Check current interest rate

Eligibility

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.

Paying money in

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.

Accessing your money

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.

Minimum balance

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.

Closure of the account

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.


Choose from the following:

*AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year.

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, credit cards, loans, mortgages and more.

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Yorkshire Building Society is authorised and regulated by the Financial Services Authority (FSA).