2014 House Deposit Saving!!!

Sinky1903

Hi everyone,


Newbie poster here :hello:


I'm 28 years old and I'm saving for a deposit for my first house! Hopefully you folks can give me some advice on where to store my money!!


I currently have £1500 sitting in my account (it's a linked savings account with Santander and I have no idea what the rate is).


My plan is to save somewhere between £500 and £1000 per month, every month until April 2015.


So, where would I be best to store my money and pay my savings into each month?


Thanks for any help.
Ryan

jimjames

Sinky1903 wrote: »

So, where would I be best to store my money and pay my savings into each month?

Ryan

Somewhere with the best rate?

Sinky1903 wrote: »

I currently have £1500 sitting in my account (it's a linked savings account with Santander and I have no idea what the rate is).

I'm 28 years old and I'm saving for a deposit for my first house! Hopefully you folks can give me some advice on where to store my money!!

Ryan

First thing to do is to find out the rate you are on - it could have helped to check that before posting as you will need to do some things to help yourself get the best deals.

Santander do have some decent rates but most are on current accounts not savings. Nationwide have 5% on Flexdirect up to £2500 as well.

Good luck with saving and just keep checking the rates you are on to maximise the interest you are getting.

Sinky1903

Well I was thinking that a cash isa might have been the best idea but it seems this probably isn't the best way to go nowadays with most current accounts beating the isa's?


I'll find out what my current Santander savings is and then hopefully get some more feedback.


Do the Santander, Halifax reward accounts require you to have 2 DD's etc?


Thanks,
Ryan

Sinky1903

hahaha.....just noticed that my Savings account has a measly 0.1%!!!


I guess I could be worthwhile switching to the 123 account with Santander and just putting my savings in there. The balance will soon be over £3000 so would fall into the 3% bracket.


The only thing with this would be that it's right there in my account and temptation is the devil!!


Ryan

eskbanker

Probably worth considering regular savers too, given your plan to put money aside each month, there are some paying 4-6% for 12 months at http://www.moneysavingexpert.com/savings/best-regular-savings-accounts, although you'll need linked current accounts for the best ones.

lalman

I agree with eskbanker - set up afew regular savers too - it will keep you disciplined as money will be taken straight from your account and into that account...

I use regular savers and i treat my savings as bills...