The product is designed specifically for first-time buyers. The first month allows savers to put away up to £1,200. After this, the maximum monthly savings amount allowed is £200.
When savers buy their home, the government will boost the ISA amount by 25%, up to £3,000.
Savers who have an existing cash ISA with Aldermore for the current tax year, or intend to open one, can also open a Help to Buy ISA providing their maximum annual contribution does not exceed £15,240.
The bank also accepts transfers from other ISA providers.
The launch follows recent research conducted by Aldermore showing that awareness of the Help to Buy ISA is highest among 18 to 24 and 25 to 34-year-olds.
These age groups are also the ones saying the forthcoming changes in the savings industry will encourage them to save significantly more than other age groups.
Before the end of the year, the Financial Conduct Authority (FCA) will publish information on the lowest interest rates paid by a large number of firms on easy access cash savings accounts and easy access cash ISAs.
This comes after their research into savings accounts found long-term accounts generate lower interest rates than newly opened ones, and that savers are reluctant to switch products due to the perceived hassle and low gains that goes along with it.
Almost half (48%) of the respondents believe the introduction of the Help to Buy ISA will have significant benefits, compared to 27% who do not.
Charles Haresnape, group managing director for mortgages, Aldermore, said the government’s ‘increased support’ for those struggling to save a deposit will be a positive influence on the market.
“Aldermore’s statistics show that the Help to Buy scheme has functioned as planned, with our average applicant for Help to Buy a first-time buyer from the North West, and the Help to Buy ISA will be another valuable resource for those looking to buy their first home.”
