Best Bank/account for house savings deposit?

Leanne-Marie

Hello.

Apologies if there is already a thread like this - I Searched and couldn't find one.

I was just wondering if anyone had any advice about what bank/type of account would be best to put money in for a house deposit?

Currently just using a bog standard savings account, but I want to ensure we are getting the best deal when it comes to saving/interest rates etc so looking to switch it up soon into something that would be more suitable on a long term basis.

We can put away £500 a month at least. Perhaps it would be good to go with an account where you can put money in more than once a month? I know with some you can only make one payment in a month, but I think it would be more suitable if we had one which meant we could add to it throughout the month if we find we have a little more cash to put into it.

Any help/advice is appreciated. :-)

opinions4u

Best rates:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Best regular savings rates (note restrictions on access):
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

Look at Nationwide, Halifax and Nat West too. If you intend to use them for a mortgage they all have schemes that pay a bonus for saving with them.

Gromitt

Something like Coventry BS @ 1.7%, then move upto a Santander 123 (3%) when it makes sense if you have a couple of DDs. The Santander account costs £2/month, so no point until you have a suitable balance that will give you an effective interest greater than 1.7%.

Or you could jump into the Nationwide FlexDirect @ 5% for 12 months ? (max deposit £2500)

mardiemare2008

I am saving for a house deposit and have opened a 'Save to buy ISA' with Nationwide. It's 2% AER and you get access to a 5% deposit mortgage when you've had the account for 6 months and have paid at least £50 per month.
You also have The opportunity to earn a cashback reward on completion of a Save to Buy mortgage if you apply and are accepted....

If you already hold an ISA with somewhere else I believe they offer a 'Save to buy Savings account'..

Good thing with this - withdrawals are not allowed. So if you wish to withdraw your money, you need to close the account. (this can be done any time)