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Are Help to Buy ISAs Doomed to Face More Interest Rate Cuts?

Housing-Market / ISA's Jun 01, 2016 - 12:55 PM GMT

By: MoneyFacts

Housing-Market

Help to Buy: ISAs, which were designed to boost the saving ambitions of would-be first-time buyers, have now been on the market for over six months. However, despite the excitement of their launch, Moneyfacts.co.uk can reveal that their shine has already begun to fade thanks to rate cuts and opening restrictions. Indeed, the average rate paid has already dropped from 2.55% to 2.39% since the start of the tax year (6 April 2016).


Rachel Springall, Finance Expert at Moneyfacts.co.uk, said:

“The launch of Help to Buy: ISAs in December last year was a great boost for first-time buyers looking for a little help to build a deposit. Savvy savers who snapped up the best deals, which were available when the accounts launched or at the start of the 2016/17 tax year, have been able to take advantage of top returns of 4.00% with a high street brand - a highly competitive rate that can go a long way to building that all-important deposit.

“However, savers who waited to take out this ISA until now may be disappointed by the deals on offer. Thanks to Halifax and Santander cutting their rates within two weeks of one another, the only accounts now paying the top rate are the ones that are restricted to local or existing customers of the provider.

“It’s not unsurprising to find that the rates paid on Help to Buy: ISAs are going the same way as other rates in the savings market: variable rates can change at any time and good deals can quickly become oversubscribed, which leads mutuals to restrict access. With this in mind, anyone who has yet to take advantage of one of these ISAs would be wise to move now in order to secure a good interest rate in addition to the 25% Government bonus towards their first home.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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