Halifax will offer the ISA to over-16s from 1 December 2015 with 4% annual interest.
Under the terms of the scheme deposits are limited to £200 per month, except for the first month when customers can put in an extra £1,000. The government will add 25% to the closing balance up to a maximum of £3,000 once the account is closed.
As it stands half (52%) of would-be first-time buyers see the size of the deposit required as the greatest barrier to buying property.
Giles Martin, head of Halifax Savings, said: “It is clear from our research that while some people are still worried about the challenge of saving for a deposit, many see the new Help to Buy ISA as a genuine solution, with half of prospective first-time buyers intending to open an account.”
Aldermore Bank announced that it will offer Help to Buy ISAs from December 1 last week.
