We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Advice needed on saving - where to start?
Leona1295
Posts: 29 Forumite
Hello all,
My boyfriend and I want to start the long hard slog of saving for our own place and would like some advice on how to go about it. We are currently renting in a flatshare and we have worked out that we can save about £400 per month between us.
We have never saved before and want to know where is the best place to keep our money. We don't need regular access to our money but I would like to be able to take money out in case of an emergency. Ideally something where you can make one or two withdrawals in a year and not incur a penalty.
I saw some info on here about a Barclays regular savings account which looked pretty good but the maximum monthly deposit is £250 so no good for us
Are there any similar accounts which will allow us to deposit £400/£500 per month? Would we be better of putting the money into an ISA?
Sorry If any of these questions are really dim, we are new to the world of finance and want to make sure we are doing the right thing.
Many thanks,
Leona
My boyfriend and I want to start the long hard slog of saving for our own place and would like some advice on how to go about it. We are currently renting in a flatshare and we have worked out that we can save about £400 per month between us.
We have never saved before and want to know where is the best place to keep our money. We don't need regular access to our money but I would like to be able to take money out in case of an emergency. Ideally something where you can make one or two withdrawals in a year and not incur a penalty.
I saw some info on here about a Barclays regular savings account which looked pretty good but the maximum monthly deposit is £250 so no good for us
Are there any similar accounts which will allow us to deposit £400/£500 per month? Would we be better of putting the money into an ISA?Sorry If any of these questions are really dim, we are new to the world of finance and want to make sure we are doing the right thing.
Many thanks,
Leona
0
Comments
-
What's wrong with opening one each and paying £200 each into them?I saw some info on here about a Barclays regular savings account which looked pretty good but the maximum monthly deposit is £250 so no good for us
There are other regular savings accounts that permit more than £250 per month but the terms & conditions of the Barclays one (from memory) are much more flexible than most.
<Edit> Have a look through the first few posts (which are regularly updated) of 'best currently available' Regular Savings thread here - http://forums.moneysavingexpert.com/showthread.html?t=6086970 -
Leona 1295,
It will take upwards of 3 years to get a deposit together. Best place would be National Savings Index Linked Savings Certificates. Buy these for this next year.
They are available as a 3 year bond.
If you each buy your own, then there will be no problems if the relationship doesn't work out.
http://www.nsandi.com/products/ilsc/index.jsp (Check threads)
Best of fortune.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards