First Time Homebuyer Savings

Your Path to Homeownership Just Got Easier.

Buying your first home is a big milestone — and we're excited to offer Connecticut's new savings program to help you reach your goals faster. 
 
Earn 5.00% APY on the first $2,500* and no monthly service fee.
 

Unlock Valuable Tax Deductions**

Eligible savers in Connecticut can deduct:
  • Annual contributions (up to $2,500 for single filers or $5,000 for joint filers)
  • Accrued interest
  • Qualified withdrawals used toward homebuying expenses











Who is Eligible?

  • Connecticut residents purchasing their first home
  • Individuals who meet state's income guidelines*
  • Savers planning to use funds for down payments & closing costs


How it Works

  1. Open your First-Time Homebuyer Savings Account
  2. Contribute as much as you want - there is no cap on total deposits
  3. Track your savings progress as your contributions and interest grow
  4. Use your funds when you're ready to purchase your first Connecticut home












Your first home is closer than you think.

















*Balances between $0.01 and $2,500.00 will earn 5.00% Annual Percentage Yield (APY), balances $2,500.01 or more will earn the standard Statement Savings Account APY that is 0.25% as of April 20, 2026. The total blended APY will range from 0.25% to 5.00%. Minimum of $25 to open.  Only one account per social security number. Fees may reduce earnings. This is a variable rate account so rates may change after the account is opened.

**Please consult your tax advisor for more information.

For further information, visit CT.gov