New Saver Advice

LondonGirl252

Good Evening everyone,


Having paid off over £16k in debt I am now in the wonderful position to be able to save.


My savings were given a great kick start when I was able to cash in the shares I held in the company I worked for tax-free due to a merger where my employment was transferred to the new company.


So, I now have separate savings accounts for everything car related, holiday related and xmas, clothes, dentist, emergency related. Each month I add to these etc etc and happy with how they operate.


This left me with £2,400 which is in a cash ISA right now.


I am starting a new job in August which I anticipate will leave me able to save £400 a month whilst still topping up the other savings accounts too.


I want to save for a deposit on a house, I know for me even saving £400 this will be a slow process as I live in London and unless my circumstances change I'll be needing a HUGE deposit to be able to buy but I'm happy renting for now and squirrelling away my pennies until I win the lottery


Is an ISA the best place for me to keep this cash? I won't exceed the tax free savings limit of that I am (unfortunately) certain.
Any other savings tips greatly appreciated!

colsten

LondonGirl252 wrote: »

Is an ISA the best place for me to keep this cash?

No it isn't, not for quite some time for the amounts you mention. Like a huge number of other people you will do a lot better with a range of current accounts - TSB Plus, Club Lloyds, Santander 123, plus perhaps some Monthly Savers such as the Club Lloyds one or the First Direct Regular Saver.

LondonGirl252

Thank you Colsten, that is interesting, I hadn't thought of that and will look into it