help 2 buy isa

Archi_Bald

phil22 wrote: »

Patronising much? Im aware of what they are

Chor blimey.

jimjames

phil22 wrote: »

Patronising much? Im aware of what they are

Fair enough. It didn't appear so from your replies and in an effort to try to be helpful to your learning process I wanted to make sure we weren't assuming knowledge that wasn't there. But if you know already then I won't explain.

compbren

phil22 wrote: »

Patronising much? Im aware of what they are

Don't worry about it. There are a few posters in these forums that love talking down to people and get off trying to put 'newbies' down (e.g. The "have you read the t&c's brigade"). I think most of them don't realise that we don't have time to spend all day on these forums, or opening multiple bank accounts for an extra couple of quid per month like they do!

jimjames

MatthewAinsworth wrote: »

What's the youngest age? Son is 1 and I think this'll be more useful than a pension

Can he buy a house in 5 years?

System

Lol nope!

Archi_Bald

compbren wrote: »

Don't worry about it. There are a few posters in these forums that love talking down to people and get off trying to put 'newbies' down (e.g. The "have you read the t&c's brigade"). I think most of them don't realise that we don't have time to spend all day on these forums, or opening multiple bank accounts for an extra couple of quid per month like they do!

Nobody is talking down to anyone. At least three people have been trying to answer the questions the OP has about saving up for a deposit.

How much do you know about the HTB ISA?

Why do you appear to think reading T&Cs is not required?

What would you recommend the OP does, and why?

phil22

I was looking at either virgin money or maybe post office or santander, post office i can draw money out asmuch as i want, they do suit my needs, i defently dont want htb now as we are aiming for a house within 12 months rather than years. Thanks compbren exactly iv been working all day im doing housework now i dont have much time to myself at the moment to read so many paragraphs etc,

Archi_Bald

phil22 wrote: »

I was looking at either virgin money or maybe post office or santander, post office i can draw money out asmuch as i want, they do suit my needs, i defently dont want htb now as we are aiming for a house within 12 months rather than years. ,

OK, definitely final comments from me:

1. as I have said 3 times already, a normal ISA is a total waste of money for you
   
   
2. over the next 12 months, if you take out the HTB ISA in December, you can put £3,4000 into the HTB ISA. Leaving interest aside (as it is likely to be negligible), that means you can get a bonus of £850. There is no way you could get anything like this amount of return in any other account.
   
   It would be incomprehensible why anyone would come onto MSE and turn this amount of money down. How many days do you normally have to work for £850 net?
   
   
3. you can get between 3% and 6% AER on over £50,000 in current and regular savings accounts. That is massively more than you'd get in any normal ISA. And naturally, you can have these accounts alongside an HTB ISA

Other than that, if you wish to ignore the above: before committing any money to the PO, you should read about the experiences of other MSE posters.

phil22

Ok thats fine i will open htb and keep a savings account and split them then, thanks

Flobberchops

MatthewAinsworth wrote: »

What's the youngest age? Son is 1 and I think this'll be more useful than a pension

You have to be 16 to open a Help to Buy ISA.