Ulster Bank to Launch Home Saver with First Time Buyer Bonus

Ulster Bank are launching a new regular saver product called Home Saver on 19 February 2020.

Rate tiers:
0.85% up to 25,000 EUR
0.15% from 25,001 EUR to 100,000 EUR

Monthly deposits:
You are required to set up a standing order to the account from €1 per month to a maximum of €2,500 every month.

The below SEEMS to be in addition to the above interest:
Exclusive Bonus Offer available to First Time Buyers To qualify for the bonus interest offer you must:
  • Be a First Time Buyer
  • Draw down an Ulster Bank Ireland DAC First Time Buyer mortgage within 36 months of opening your Home Saver account
  • Have saved a minimum of €1 and up to a maximum of €2,500 per month for at least 6 consecutive months in the Home Saver account
  • Have saved a minimum of €10,000 in your Home Saver account prior to draw down of your Ulster Bank Ireland DAC First Time Buyer Mortgage
  • Use the money saved in your Home Saver account to help purchase your first home
The full details/rate of the bonus are not on the Ulster Bank website yet (some info here and here) so I cannot add this to the best buys yet.

Great to see the first new savings product launch in a while and seems to have a decent rate attached to it.

More to follow when the product is formally launched.
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Frequent Poster
Bonus interest on this is 2,000 (subject to DIRT), when the conditions as detailed by @CiaranT above are met.

Regular saver is the same rate as their SIDA but with a larger balance limit before lower rate kicks in.


Frequent Poster

One source is their broker website, https://www.ulsterbankintermediaries.ie/
Someone published the details, and later removed them, but it had been cached by Google before deletion. (Other sources can't be quoted!)

It'll be fully launched on Wednesday.

By the way, all the personal banking terms & conditions have already been updated for this product, but without any details about the bonus rate.

Brendan Burgess

I think that this is of more interest to First Time Buyers than depositors

It will take 10 months to build up to €25,000 and then you will get €212 interest in the first year. Better than what is generally available, but still not material for most people.



Frequent Poster
Is this account from Ulster Bank recommended? They seem the best pick for a FTB Mortgage