Abbey has launched a new regular savings account specifically for first time buyers aged between 16 and 35 with an impressive 8% rate.
Savers can open the account with between £100 and £5,000, and thereafter they must deposit between £100 and £300 a month by standing order. The maximum account balance is £50,000.
If you’re interested you’ll need to act fast – Abbey says it will only offer the account to the first 5,000 successful applicants.
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There are strings attached
There are no penalties for withdrawal, however customers who miss a payment or do not deposit between £100 and £300 a month will receive a rate of 0.10% for that month only.
Upon closing the account, savers will have to take a mortgage interview with Abbey, although the bank stresses there will be no penalty for choosing a non-Abbey mortgage.
Compare regular savings accounts
