Saving for your first home can be a challenge and a new type of account that went into effect Jan. 1 can help you save more quickly according to WHO Channel 13 news.

Iowa legislators passed the law to allow for banks to offer a First Time Home Buyers Account in May 2017.

This savings account gives people a break when they are trying to buy their first home.

The interest rate is 1.25 percent higher than a classic savings account, which makes a big difference.

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