Advice on what to do with my savings

Westie983

Frazzels wrote: »

 My questions are:

1. Help to Buy ISA - What's the catch? The only catch I see is that the most I can pay in is £200 per month. Am I missing something?
2. How quickly am I able to withdraw the money from the current accounts above? Instantly, without penalty?
3. Is the logic in my scheduled standing orders correct for moving money around to meet the minimum pay-in requirements?
4. Would I be better with an ISA? If so, what type of ISA?
5. Can I have an ISA as well as the Help to Buy ISA?
6. What would you do in my situation?

Thank you for reading. I really appreciate it.
Fraser.

1. No catch apart from the limit you can fund each month
2. Yes not a problem
3. I wouldn't wait till the next day to send the funds use faster payment instead
4. ISA rates are quite low compared to the current accounts you mention so better to stick with these.
5. Yes as long as you haven't paid any money into an ISA this tax year, if you have then you will have to wait till April, you can have an ISA and H2B ISA if the ISA contains money from allowances from 2015 and before.
6. Open the accounts that will give you higher interest, open H2B isa over the ISA (this tax year), as you will get the extra help for your deposit, although read the T&C's when they come out.