advice required on the best way to save (accounts) in the hope of buying a flat

Stella

Hello All You Money Saving Experts!

I would like some advice, please?

I am looking to buy my first flat, I do have a lump sum of approx £40.000 which i have in C&G Direct Transfer acct. I know that I need to transfer this money to a High Interest account, but I want be able to access it within the next 6 months to a year in the hope i find a flat in that time. Any ideas please?

I would also like to know the best way to save my money each month to get the best from it and would be grateful for anybodys help and advice. I have a Nationwide current account.

Thank you so much all you wonderful people

lindabea

If you don't already have a cash isa, I suggest you put 3000.00 into an ISA account before 5 April and than anothe 3000.00 soon after. Look for an ISA that pays around 5% interest such as the Halifax ISA direct. With the rest, you need to open a high interest account. Go for an internet only account as they have a higher rate of interest. Look at Halifax or Abbey - ING is no longer offering a competitive rate.

Good luck with your saving and indeed with your first step on the property ladder .

grumbler

Stella wrote:

... I do have a lump sum of approx £40.000 which i have in C&G Direct Transfer acct. I know that I need to transfer this money to a High Interest account, but I want be able to access it within the next 6 months to a year in the hope i find a flat in that time. Any ideas please?

Best short term return on large sums - recent thread ...

I would also like to know the best way to save my money each month to get the best from it and would be grateful for anybodys help and advice. I have a Nationwide current account.

Nationwide e-savings account pays 4.75%. However, you can get more with ISA (as already advised) and regular savings accounts. See links in the blue box above. One of the best regular savings account is not mentioned there; see Alliance & Leicester offers 10% savings on top of current account!