Help to Buy Isa rates 2019 – where is best to save your cash before November 30 deadline?

FIRST-time buyers can get up to £3,000 free cash with a Help to Buy Isa, but the deadline to open one is on November 30.

The Help to Buy scheme offers savers a 25 per cent bonus to help them get on the property ladder.

But ministers have decided to pull the scheme in favour of the Lifetime Isa, which also gives buyers free government cash on savings worth up to 25 per cent.

So if you haven't opened a Help to Buy Isa by December 1 this year, you'll miss out on the bonus.

If you decide to open an account, you'll need to claim your bonus by December 2030.

Here's everything you need to know about the Help to Buy Isa scheme and the best rates currently around.

What is a Help to Buy Isa?

An Isa is a tax-free savings account meaning that you can keep more of what you earn in interest on your cash.

A Help to Buy Isa is one that's backed by the government that will top up your savings to help you buy your first home.

The government will boost your savings by 25 per cent up to £3,000.

So for example, for every £200 you save the government will top it up by £50.

Are there any downsides to a Help to Buy Isa?

You can open an account with a maximum of £1,200 but after that you're limited to saving £200 a month into it.

If you want to save more than that in one month then you'll need to consider opening another account to maximise your saving.

But you're only allowed to save into one Isa account in a year so you'll be taxed on the interest you earn in another type of account.