For first time buyers who want to save more each month than the Help to Buy ISA limit, Virgin Money has also launched a new Saving to Buy account, offering interest of 1.30%.
As well as allowing customers to save more than £200 per month, the account helps savers to maximise their tax-free allowance as they can set up a regular transfer from their Saving to Buy account into their Help to Buy ISA. Saving to Buy accounts can be opened with just £1 and there is a maximum balance of £30,000.
Zack Hocking, Head of Savings at Virgin Money said:
"The launch of the Help to Buy: ISA scheme is fantastic news for first time buyers, and with a competitive interest rate of 3.00% we are getting right behind the next generation of homeowners."
