The Nottingham: New savings account launched

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The Nottingham: New savings account launched

The Nottingham has announced the launch of a new savings account aimed at customers who are hoping to get a leg-up on to the property ladder.

Paying an interest rate of 3.5 per cent on balances of over £5,000, the new account, called the First Home Saver, also offers £250 cash-back to any customers who choose The Nottingham as their mortgage provider when they have saved enough to buy a property.

The Nottingham said that the account is aimed at those who want to buy their first home, but have not yet saved up enough to put down a deposit, which currently amounts to £13,000 on average.

Clare Roberts, who works for the building society, said: "By any standards, £13,000 is a lot of money to find - and, in the current climate, it will be very hard to get their hands on a deposit unless they are prepared to save."

She added: "The First Home Saver account is our way of helping those people in the East Midlands who want to own a home for the very first time."

The Nottingham was founded in 1849.

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