savings help

steven--1_2

Hello everybody
Me and my fiancee are saving up for a deposit for a house
we curently have £2400 in cash but would like some help of an account to put it in.
we are saving £560 a month
so what would be best to do with the money?
a savings account? or something else i have no idea lol
thanks

innovate

You could start by doing some reading, e.g. here: http://www.moneysavingexpert.com/savings/

steven--1_2

i have read that but i was looking for some savings accounts and some are paying 1.7%
would i be best to put it in a savings account though?
also would a savings account allow us to make the regular deposits?

innovate

OK, so you read the basics. Now browse the forum for some more information.

lippy1923

If you are both tax payers, then both start filling up cash ISA's. Shop around for the highest rates.

atush

Look for regular savers. They pay higher than 1.7%, you can ISA them when they have matured each year.

MoneySaverLog

£2,500 into a Flex Direct Current Account with Nationwide 5%
£300 a month each into a First Direct Regular Saver 6%
Take the money from the regular saver and put this into a ISA in the next tax year.

steven--1_2

MoneySaverLog wrote: »

£2,500 into a Flex Direct Current Account with Nationwide 5%
£300 a month each into a First Direct Regular Saver 6%
Take the money from the regular saver and put this into a ISA in the next tax year.

so for the flex direct account would i need to keep paying in each month or just leave the £2,500 in there?
the first direct saver will i need to have an account with them first?
thanks for your help

steven--1_2

Am i thinking this right?

ColdIron

steven--1 wrote: »

so for the flex direct account would i need to keep paying in each month or just leave the £2,500 in there?

You should leave the £2,500 in there but you also need to transfer £1,000 in every month. Do this from another account, I can't remember if it has to be a non-Nationwide one. It only needs to stay there for a moment and you can transfer it straight back out again

steven--1 wrote: »

the first direct saver will i need to have an account with them first?

Yes, you will need a 1st Account (a current account). You can avoid all the prerequisites, such as transferring or maintaining a minimum balance, by opening an e-Saver at the same time and putting a pound in it

innovate

ColdIron wrote: »

Do this from another account, I can't remember if it has to be a non-Nationwide one.

Yeah, must be non-Nationwide account