Savings Account for House Deposit?

Sparx

Hi there,

Me and my girlfriend are both 18, nearly 19 and are looking at starting to save for a deposit on a house - we are looking to save for another 3+ years still.. I was wondering if anyone could advise me what they personally believe is the best joint savings/ISA account for me to open up for the pair of us to save?

We are both looking to put in about £900 (£450 each) a month away into it, and was wondering wheither to use a regular savings account, or a cash ISA that is 1/2 years with a higher interest rate (seems obvious?) or anything else you believe would be a better idea.


Thank you very much for reading and the advice if given..

Sparx

Anyone? ..

gt94sss2

Sparx wrote: »

Me and my girlfriend are both 18, nearly 19 and are looking at starting to save for a deposit on a house - we are looking to save for another 3+ years still.. I was wondering if anyone could advise me what they personally believe is the best joint savings/ISA account for me to open up for the pair of us to save?

You can't hold an ISA in joint names - however, an ISA isn't a bad idea - have a look at the start of this thread for a list of the best cash ISAs out there at the moment.

You should also consider Regular Savings accounts (see here). Something like the Santander First Home Saver (Special Issue 1) might be ideal - you can both open one each - taking care of £600/month with no requirement to get a mortgage from Santander.

Regards
Sunil

CLAPTON

you're 18/19?
best to have separate savings accounts. make full use of your ISA allowance which has to be single person anyway
check for the best savings rate in the main saving section here or check the money section of the main newspapers.
remember to check the rates regaularly as unfortunately this years 'best buy' is usually next years donkey

Ian_UK_2

Santander are getting a very bad press at the moment for poor customer service etc (see other threads). Other providers also offer "home saver" accounts, eg Britannia Building Society. This pays higher interest than many but has special conditions, eg you must take your mortgage with them (or at least give them first refusal). As many ISA's offer poor interest rates this may be a better bet. Hope this helps, kindest regards, Ian.