Next step on the savings ladder

crystal_pixie_2

Ok so a bit of back ground - due to divorce and financial settlement taking so long my credit rating is fair with 2 defaults now 4 years old.

I have £17k from the settlement and £2k a month to save. I would like to put down a deposit on a house in five years time so stocks and shares are out.

I want to maximise my interest but I am guessing that my options are going to be very limited as most banks won't touch me due to the defaults (BTW I paid off all my debt at the beginning of this year).

Fortunately, I had a Lloyds account prior to the divorce which I have just transferred to a club account. I have maxed this out and I am drip feeding the full amount into their regular saver, as well as £1500 in their standard saver which is 0.75%.

I opened a Nationwide flex saver ISA @ 2.0% which I am drip feeding into as well.

I feel like I have run out of options and I will probably miss out on 2 years of decent interest on some of this money due to my credit rating - so I would appreciate any short term solutions.

YorkshireBoy

crystal_pixie wrote: »

...I am guessing that my options are going to be very limited.

Why guess. Chuck in a speculative application for a Santander 1-2-3 account and see if you can get the whole lot in there. Nothing to lose and everything to gain?


EDIT: Thinking about Nationwide further...if you qualify, they've also a 1.6% paying 'normal' ISA. If Santander decline you, you could throw a lump in the 1.6% account and drip feed the 2.01% regular saver ISA from there.

crystal_pixie_2

Yorkshire Boy - thanks I will have a look at that.

Just looking at savings accounts at the moment. I did think about trying to apply for a nationwide current account to see if I can get the 4% rate.

I realise when you have issues on your credit file its a bit of a waiting game.