The Teachers Building Society has launched a new home saver account designed exclusively for teachers.

The lender will also pay £500 cashback to all teachers saving for their first home that open the account and subsequently take out a mortgage with the society, subject to terms and conditions.

Additional features of choosing the new ‘Teacher Home Saver’ include up to £6,000 per year or £12,000 if a joint account, can be added to the account any times and only ​35 days’ written notice required for withdrawals – with immediate withdrawals provided if completing a mortgage with the society.

Simon Beresford, chief executive of the Teachers Building Society, said: “We remain committed to developing our proposition, so that we can help more first time buyers who are teachers own their own homes. And with the added bonus of £500 cash back when opening the Teacher Home Saver and taking out a mortgage with us – this may come in very handy when hit with some of the big costs associated with moving.

“Founded by teachers for teachers, we understand their needs and have therefore developed our portfolio of savings accounts and mortgages with them at the heart. When taking out a savings account with us, teachers will benefit from attractive interest rates and will also be helping us to fund other teachers looking to get onto the property ladder.”