Less than 10 per cent of savings providers are offering the Help to Buy Isa – with just 12 on board so far
The Help to Buy Isa launched without much ceremony yesterday – so no wonder the number of savings providers offering the scheme, which provides a government bonus for first-time buyers, is being seen as a bit of a let-down.
Research from Savings Champion suggests just 12 lenders have so far go on board with the government scheme, which offers savers a £50 bonus for every £200 they save, up to a limit of £12,000.
Read more: Here's everything you need to know about the Help to Buy Isa
So far, those offering the scheme include Halifax, Virgin Money, Aldermore, Nationwide and Lloyds Bank. The best rate is from Halifax, which offers a four per cent interest rate, while Virgin Money offers three per cent.
"Given that the accounts are more akin to regular savings accounts, we had hoped for rates closer to some of the very high rates currently available on standard regular saving accounts, to reflect the small amounts being saved," said the Anna Bowes, director at Savings Champion.
"Early indications have left us underwhelmed. Halifax could well clean up with its market-leading four per cent rate – double what the majority are currently offering."