Best account to save for a deposit in please?

Kaida

Hi all, I'm coming out of lurkerdom to tap the collective wisdom of this board.

OH and I are saving for a deposit, slowly but surely. We can only save about £100 a month as we don't earn much, but there may be extra lump sums to add from time to time. What would be our best idea for an account to put this in?

TIA.

Lokolo

You may want to open 2 accounts then.

Can you defiantely always afford to save £100 a month or is this just an estimate?

If you can definately, then a regular saver might be best. This means you save £x a month and for it you get (usually) more interest).

Along side that you could open an instant access savings account where you can put those lump sums, then if you find you cannot afford the £100 you can use the instant access account for this.

Unfortunately, now base rate is at 2% its not really a good time to be savings as there are no decent rates out there.

However

https://www.moneysupermarket.com/savings - theres a tick box for regular savers.

Also are you taxpayers? If so, an ISA maybe good, as it gives you tax free interest, but if you are planning on putting money in and out it can get quite confusing with the rules. You are only allowed to deposit £3600 in a Cash ISA each tax year.