Principality Building Society has unveiled a savings account to help young people into their first home.
First Home Steps, which offers a tiered interest rate and three withdrawals per year, will support first time buyers in their savings journey.
Savers can benefit from a £500 cash bonus, which is given to customers upon taking a mortgage out with Principality directly.
Available in branch and agency, the First Home Steps regular saver offers savers a tiered interest rate between 1 and 2%.
The account hopes to give more flexibility to savers, including allowing multiple deposits of up to £1,500 per calendar month and three withdrawals per year, without penalties.
Julie-Ann Haines, chief customer officer at Principality Building Society, 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.”