First Time Buyer needing savings advice

Beckinder · 22 February 2018 at 12:20PM

Hi all,

Apologise if there is another thread of similar ilk. I am a first time buyer who would like to buy before the end of the year. I need advice on savings as this is the first time I have ever saved money (definitely more of a spender than a saver) :rotfl::rotfl:

I have a help to buy ISA but I have no idea about savings account or getting the most out of my money. I know about the LISA but am aware you need it for a year are there any other accounts I could use? Any advice would be very much appreciated.

Thanks in advance

Mogley · 22 February 2018 at 1:33PM

First make sure you maximise the amount you put into the HTB ISA.
If you have other sums of cash available sitting in low interest savings or current accounts, consider a high interest paying current account. For example Nationwide Flex Direct offers 5% interest for a year on balances up to £2500.
If you have regular monthly sums to save over and above your HTB ISA allowance then linked regular savings accounts offer the best interest rates. Again Nationwide offer 5% interest on £250/month deposit.

There are many other options out there and the best-bank-accounts and savings-accounts-best-interest guides on the main site should help you choose.

aj23_2 · 22 February 2018 at 4:10PM

What have you got saved so far, across all accounts, and what can you afford to save per month.

Also, what county are you in? As some regional building societies can offer better returns than nationwide banks. Also, your current account may have a linked regular saver you could open.

I agree with above, maxing out your HTB ISA for as long as possible is good.

First Time Buyer needing savings advice

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