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  • FIRST POST
    • teamdamon
    • By teamdamon 4th Dec 17, 7:53 PM
    • 2Posts
    • 0Thanks
    teamdamon
    £8,000 in current account want to make the most of it.
    • #1
    • 4th Dec 17, 7:53 PM
    £8,000 in current account want to make the most of it. 4th Dec 17 at 7:53 PM
    I moved recently from Scotland to England and I'm currently renting £550 fully furnished. I'm working a temporary Christmas job as I had no job from moving. I am also at university and receive £6000 loan and around £1800 bursary. Living with a partner and he earns £18,000 a year.

    So, I have £8,000 savings and now I'm 22 years Old and am thinking about the future in terms of buying property. The reason I out the paragraph above is so you can see I can't put it all into a savings account as I have bills to pay. I was wondering what the best way of saving my money is... I looked at a Life time ISA but supposedly a high interest saving account is best first.

    Of course I can't get a mortgage anytime soon without a stable job so I have a while to save and invest. I'm hoping to put £4,000 aside to make interest with and start ensuring the 25% bonus. Can anyone help in going about this?
Page 1
    • xylophone
    • By xylophone 4th Dec 17, 8:05 PM
    • 23,675 Posts
    • 13,799 Thanks
    xylophone
    • #2
    • 4th Dec 17, 8:05 PM
    • #2
    • 4th Dec 17, 8:05 PM
    https://www.moneysavingexpert.com/savings/lifetime-ISAs

    If you can open a Nationwide Flexdirect account you can get 5% interest on £2500 for a year provided that you pay in £1000 a month - this simply means cycling in/out as is most convenient to you.

    You could then open the Flexclusive monthly saver - £250 a month at 5%.
    • Eco Miser
    • By Eco Miser 5th Dec 17, 5:41 PM
    • 3,228 Posts
    • 2,989 Thanks
    Eco Miser
    • #3
    • 5th Dec 17, 5:41 PM
    • #3
    • 5th Dec 17, 5:41 PM
    ... I can't put it all into a savings account as I have bills to pay.
    Originally posted by teamdamon
    Many savings accounts allow easy access. Doing different things with parts of your money is normal and advisable. Save to cover this month's bills, next month's bills, upcoming purchases, your eventual house, your retirement, each in the way best suited to the time until you need that money, and any special offers for that kind of saving (such as LISA for house, pension for retirement, S&S ISA for early retirement, current account for bills).
    I was wondering what the best way of saving my money is... I looked at a Life time ISA but supposedly a high interest saving account is best first.
    Originally posted by teamdamon
    Emergency (expensive) access only to LISA except for buying first house or at age 60 - so no good for paying bills.
    High interest current account very good for paying bills.
    Of course I can't get a mortgage anytime soon without a stable job so I have a while to save and invest. I'm hoping to put £4,000 aside to make interest with and start ensuring the 25% bonus. Can anyone help in going about this?
    Originally posted by teamdamon
    I believe that only Skipton BS offer a cash LISA, and that has a rubbish interest rate (but the 25% bonus is nice). Note that each subscription only gets one bonus, however long it it held for. Also note that you have to hold the LISA for at least one whole year (365/6 days) so opening the LISA now with the minimum amount is generally advised.
    Last edited by Eco Miser; 06-12-2017 at 1:21 AM. Reason: 1)Fixing messed up quoting. 2) Fixed name of LISA supplier
    Eco Miser
    Saving money for well over half a century
    • badger09
    • By badger09 5th Dec 17, 6:26 PM
    • 5,588 Posts
    • 4,897 Thanks
    badger09
    • #4
    • 5th Dec 17, 6:26 PM
    • #4
    • 5th Dec 17, 6:26 PM
    Many savings accounts allow easy access. Doing different things with parts of your money is normal and advisable. Save to cover this month's bills, next month's bills, upcoming purchases, your eventual house, your retirement, each in the way best suited to the time until you need that money, and any special offers for that kind of saving (such as LISA for house, pension for retirement, S&S ISA for early retirement, current account for bills).

    Emergency (expensive) access only to LISA except for buying first house or at age 60 - so no good for paying bills.
    High interest current account very good for paying bills.

    I believe that only Saffron BS offer a cash LISA, and that has a rubbish interest rate (but the 25% bonus is nice). Note that each subscription only gets one bonus, however long it it held for. Also note that you have to hold the LISA for at least one whole year (365/6 days) so opening the LISA now with the minimum amount is generally advised.
    Originally posted by Eco Miser
    Eco Miser, I think you mean Skipton BS
    I'm a supporter of dunstonh
    • PKaurK
    • By PKaurK 5th Dec 17, 7:13 PM
    • 52 Posts
    • 36 Thanks
    PKaurK
    • #5
    • 5th Dec 17, 7:13 PM
    • #5
    • 5th Dec 17, 7:13 PM
    Use bank account savings website for money you will need for monthly expenses. All you need to do is enter your savings and a couple is other questions and it gives you the best current account for you to maximise the interest.

    I would suggest the money you intend to use for a deposit, put it into a cash LISA as soon as possible, make the most of the bonus, it's a fantastic scheme for those trying to get onto the property ladder.
    • Eco Miser
    • By Eco Miser 6th Dec 17, 1:24 AM
    • 3,228 Posts
    • 2,989 Thanks
    Eco Miser
    • #6
    • 6th Dec 17, 1:24 AM
    • #6
    • 6th Dec 17, 1:24 AM
    Eco Miser, I think you mean Skipton BS
    Originally posted by badger09
    I think you're right.
    I'll blame my age.
    Fixed now.
    Eco Miser
    Saving money for well over half a century
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