Help to Buy ISA in 2026/27: The £1,200 Initial Deposit Rule Explained
For savers who opened a Help to Buy ISA before the scheme closed to new accounts, how the £1,200 initial deposit and £200 monthly limit still work in 2026/27.
A closed scheme still running for existing savers
Help to Buy ISAs stopped accepting new account openings at the end of November 2019, but anyone who opened one before that deadline can continue contributing and using the scheme in 2026/27. The account's distinctive feature was a one-off £1,200 deposit allowed in the very first calendar month, well above the standard £200 monthly limit that applies to every month after that.
Help to Buy ISA Calculator (Legacy)
For existing Help to Buy ISA holders: calculate your 25% government bonus and total deposit at first-home purchase.
Open Help to Buy ISA calculatorWorked example: reaching the maximum bonus
An account opened with the maximum £1,200 initial deposit, followed by £200 a month, would reach the £12,000 savings cap that attracts the maximum £3,000 Government bonus (25%) after roughly 54 months of consistent £200 contributions on top of the initial £1,200 — illustrating why many long-term Help to Buy ISA savers who opened an account years before the scheme closed are now approaching or have already reached the maximum bonus threshold.
Choosing between Help to Buy ISA and Lifetime ISA
Savers who hold both a Help to Buy ISA and a Lifetime ISA need to decide which bonus to claim when they come to buy their first home, since only one Government bonus can be applied to a single property purchase. The Lifetime ISA allows larger annual contributions (up to £4,000 a year) and a higher potential property price limit in some cases, so many existing Help to Buy ISA holders who also opened a Lifetime ISA choose to use the Lifetime ISA bonus instead, keeping the Help to Buy ISA funds as additional savings without claiming its bonus.
Lifetime ISA (LISA) Calculator
Model Lifetime ISA contributions with the 25% government bonus. First home purchase mode and retirement mode.
Open Lifetime ISA calculatorBottom line
Existing Help to Buy ISA holders can still benefit from the scheme in 2026/27, contributing up to £200 a month toward a maximum £3,000 Government bonus on £12,000 saved. Since the scheme is closed to new savers, anyone without an existing account looking to save toward a first home deposit with a Government bonus should instead consider a Lifetime ISA.
Sources
- GOV.UK: Help to Buy ISA
- GOV.UK: Lifetime ISA
Frequently asked questions
Can I still open a new Help to Buy ISA in 2026/27?
No — Help to Buy ISAs closed to new accounts at the end of November 2019. Only people who already had an account open before that deadline can continue paying in and using the scheme's Government bonus, which remains available in 2026/27 for existing account holders.
What was the special initial deposit allowed for a Help to Buy ISA?
£1,200 could be deposited in the first calendar month the account was opened, on top of which the standard £200 monthly limit applied from the second month onward.
How much can I still pay into an existing Help to Buy ISA each month?
£200 a month is the ongoing maximum contribution for existing Help to Buy ISA holders, unchanged since the scheme's rules were set, though the account can still be used to save toward the Government bonus at completion of a qualifying first home purchase.
How much is the Help to Buy ISA Government bonus?
25% of the total amount saved, up to a maximum bonus of £3,000, applied when the funds are used to complete on a qualifying first home purchase, meaning the maximum bonus is reached on £12,000 of savings.
Can I hold both a Help to Buy ISA and a Lifetime ISA?
Yes, you can hold both, but you can only use the Government bonus from one of them toward the same house purchase — most savers with both accounts choose which bonus to claim at the point of buying, since claiming both simultaneously on the same purchase is not permitted.
Is the Help to Buy ISA still worth keeping open if I already have one?
For existing account holders still saving toward a first home, continuing to pay in up to £200 a month remains worthwhile purely for the 25% Government bonus, since there is no equivalent open-market savings product offering that guaranteed uplift.
Try the calculators
Related reading
Lifetime ISA vs Help to Buy ISA in 2026: What Existing Savers Should Know
Help to Buy ISAs closed to new savers in 2019, but many people still hold one. How it now compares to a Lifetime ISA for anyone still deciding where to keep saving towards a first home.
The Lifetime ISA Explained for 2026
A full guide to the Lifetime ISA in 2026/27: the £4,000 limit, the 25% government bonus, using it for a first home or retirement, and the 25% withdrawal penalty to watch out for.
The Cash ISA Ladder Strategy: Staggering Maturities for 2026/27
How to build a Cash ISA ladder using fixed-rate ISAs with staggered maturity dates, keeping money tax-free while managing access and interest rate risk in 2026/27.