Savings Log of a 26yr old on low pay

ampersand

As with linz, mw, had wondered how you were getting on just the other day.

Crikey, I'd be feeling v.v.v.pleased with those savings, given your age, your outstanding journey to this point and these vicious times we're enduring.

I really don't want this to seem like more head-patting. It's real admiration and linz's mindset steps are spot on.

...and The One is out there. So very glad you've updated us. Keep going.

MoneyWaster2007

I'll get back to you all tomorrow as I'm going to bed now, thanks for the replies

MoneyWaster2007

The flex direct, 123, and Halifax reward are all curr acc's aren't they? Surely I can only have one checking acc? And paying £60 a year, isn't Halifax the best? Just checked switching for existing customers at Halifax and don't think I'd be eligible for the £100?

ki707

Have you considered the government s help to buy scheme? The one where they'll lend you up to 20 percent of the purchase price of s new build at 0% for 5 years (and then at inflation thereafter) provided that you have at least 5% of the purchase price?

matttye

MoneyWaster2007 wrote: »

The flex direct, 123, and Halifax reward are all curr acc's aren't they? Surely I can only have one checking acc? And paying £60 a year, isn't Halifax the best? Just checked switching for existing customers at Halifax and don't think I'd be eligible for the £100?

On £20k you'd get £40 interest in a MONTH with the Santander account, so the answer is it depends on how much money you have in the account.

That said, there's no reason why you can't get rewards and interest on multiple current accounts. You don't usually need to keep money in the account, you can just transfer the amount in and then out again!

youngsaver1995

Amazing to read through this all of this thread. Nearly 3 years of your financial history, and it is fantastic how far you have come since the first post. Keep up the amazing work OP! :T

ampersand

Another one you inspire, mw. Feed on it! Be the Andy Murray of your own ambition.
Well done to you too ys1995.

rich11

And don't forget even if you are 40 before you get the deposit these days you wont even be half way through your life

The pain you are going through now in bedsitland will set you up for the rest of your life

MOT

innovate

MoneyWaster2007 wrote: »

The flex direct, 123, and Halifax reward are all curr acc's aren't they?

yes they are

MoneyWaster2007 wrote: »

Surely I can only have one checking acc?

you can have as many current accounts as you like (and that your applications will be accepted for). Some people on MSE have a couple of dozen current accounts, judging from their posts.

MoneyWaster2007 wrote: »

And paying £60 a year, isn't Halifax the best?

Halifax Reward &£60 a year is great, but it isn't the only useful current account.

MoneyWaster2007 wrote: »

Just checked switching for existing customers at Halifax and don't think I'd be eligible for the £100?

yes, you are. They got a new offer for existing customers as of this week - -- see the link I posted earlier.

MoneyWaster2007

I don't understand the offer Halifax have for existing customers where they give you £100, can anyone put it in simpler terms?

Re. the governments help to buy scheme, I've heard there's considerable risk involved, although I'm not entirely sure of the ins and outs of this scheme.