Principality Building Society has announced the launch of a new savings account to help young people into their first home.

The society revealed that First Home Steps, which offers a tiered interest rate and three withdrawals per year, will support first-time buyers with their savings.

Principality said that savers will also be able to benefit from a £500 cash bonus which is given to customers upon taking a mortgage out with the society directly, and added that the account will give flexibility to savers – which includes allowing multiple deposits of up to £1,500 per calendar month and three withdrawals per year, without penalties.

Principality chief customer officer, Julie-Ann Haines, said: “Our ethos as a mutual building society is to help people to prosper in their homes and we realise that it is getting more difficult for young people to save and get into their first home.

“First Home Steps will support savers in reaching the goal of home ownership, whilst also giving them flexibility when they need it.”

Share Story: