You have to be at least 16 years old. You must be a UK resident for tax purposes, or be a qualifying Crown employee or married to or in a civil partnership with a qualified Crown employee. The account can only be held in your name. You may only subscribe to one cash ISA in a single tax year.
To qualify for a Help to Buy: ISA you must be an “Eligible Customer” as defined in the Scheme Rules but in brief:
have a valid National Insurance number
be a first time buyer, and never owned a residential property in the UK
only hold one Help to Buy: ISA at any one time and not have previously received a Help to Buy: ISA bonus (unless this has been repaid in full).
For full details of the scheme rules please visit www.helptobuy.gov.uk/isa
Each Help to Buy: ISA account holder can only have one Help to Buy: ISA. If we identify that a second account is held with us this account will be closed and the latest issue e-ISA will be opened with these funds on your behalf.
Account opening and management
Accounts can be opened online at thechelsea.co.uk with a minimum of £10.
You will be able to check your balance, interest rates, view and make your transactions on your account online whenever you wish.
£10 is required to maintain the account after it has been opened.
There is no maximum balance for this account but the maximum amount eligible for a bonus is £12,000.
A maximum of £200 can be saved in each calendar month apart from the first calendar month of account opening when a further £1,000 may be added.
If more than the maximum monthly contribution of £200 is received the funds will be removed and we will return the overpayment by cheque.
The calendar month commences when the first deposit is received to the account and runs from the first to last day of each month. You do not need to save every month or save the same amount every month. If you set up a standing order to pay a monthly contribution, we recommend you set the date prior to the 24th each month to ensure that we receive the funds in time.
In accordance with ISA regulations transfers can be made to or from a Help to Buy: ISA.
There are two types of transfer into a Help to Buy: ISA:–
1. A non-Help to Buy: ISA
We will not accept monthly ISA transfers from a Cash ISA into an existing Help to Buy: ISA in order to make the £200 monthly credits. ISA transfers should be for the opening allowance only.
2. From another provider’s Help to Buy: ISA
You remain subject to the maximum monthly deposit limit in the calendar month of transfer. Therefore if you have deposited £200 with your current provider no further deposits can be made in that month. No deposit should be made into the transferred account until we confirm that the transferred funds have been received and credited.