Principality Building Society is offering a tiered interest rate of between 0.80% and 1.50% on First Home Steps – an online regular saver account which is aimed at helping customers save to get onto the property ladder.
Customers can make three withdrawals per year and, provided they meet certain criteria and take out a mortgage directly with Principality, they can benefit from the cash bonus.
The savings account was previously only available in branches of the Welsh-based building society. Now, with the launch of the online version, Principality is introducing an online hub to help first-time buyers through the steps of buying their first home.
The platform – First Home Steps Online – contains a range of articles for prospective first-time buyers, with guidance tailored to each stage of the buying process, including saving, searching for a home and buying.
The accompanying app, First Home Steps App, also contains a range of tools, including a personalised budget plan, help in exploring the different types of saving accounts, understanding credit score and finding a suitable first home mortgage.
Julie-Ann Haines, chief executive officer at Principality Building Society, said: “Our ethos as a member-owned organisation is to help people to prosper in their homes and we realise that getting on the housing ladder for the first time can be challenging in today’s climate.
“The First Home Steps account will support savers in reaching a savings goal, whilst also giving them flexibility when they need it. The online hub and app will also provide prospective first time buyers with advice, information and useful tools to help them feel more confident and informed on their home ownership journey.”
The account, with a maximum balance of £25,000, gives flexibility to savers including allowing multiple deposits up to a maximum £1,500 per calendar month and three withdrawals per calendar year, without loss of interest
