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Help to buy individual savings accounts (help to buy ISAs) were introduced from 1 December 2015 as a tax-free cash account aimed at encouraging first-time buyers to save for a UK residential property. As well as receiving interest on the balance tax-free, the Government supplements the amount saved with a 25% bonus (up to a maximum of £3,000) when the property is purchased.

These ISAs are closed to new savers with effect from 1 December 2019, although anyone with an existing help to buy ISA can keep saving into the account until 30 November 2029.

Lifetime ISAs were introduced from 6 April 2017. Like the help to buy ISAs, the Government supplements the amount saved with a 25% bonus (limited to £1,000 per year). There are conditions as to the age of the individual and the funds can only be withdrawn without a penalty to fund a first home, on reaching 60 years old or on diagnosis of a terminal illness.

Help to buy ISAs and lifetime ISAs are discussed below. For details