RBS unveils First Home Saver account

27-Oct-2005

A new savings account from the Royal Bank of Scotland (RBS) aims to make the task of saving for a deposit easier for aspiring homeowners.

To find out more about creative mortgages designed specifically for first time buyers click here

Designed with first time buyers in mind, the First Home Saver account recognises the importance of saving for the purchase of a property while acknowledging the difficulties of raising a deposit.

To encourage potential house buyers to continue adding to savings, the account offers up to 3.50 per cent interest, providing savers with a competitive rate.

If you are interested in buying a new house within a 'gifted deposit' scheme whereby you don't need to come up with a deposit but just pay a nominal fee of £5000 click here

Loyal customers will also benefit from the opportunity to receive up to £360 tax-free cash back if they choose to finance their property purchase with a RBS mortgage.

"Every penny counts when thinking about saving for your first home and it’s never to early to start putting money to one side," explained Darrell Evans, product director for RBS Marketing.

"Having an account specifically for saving towards your deposit and fees is an ideal way to separate your residual cash from your everyday spending."

Funds from the saver account could also contribute to the cost of legal fees or insurance, while added benefits such as a cashline card and online banking facilities will also appeal to aspiring homeowners.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it will cost you, from the UK’s leading High Street Brokers, Bradford and Bingley, click here

Click here for further information on finding a deposit

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