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Savings help?
lukej93
Posts: 1 Newbie
Hello,
I've got an ISA of £12k maturing in January and am confused as to the best way forward in terms of where to put it, I won't be looking to touch it for at least 5 years (when using the sum towards a first time property deposit) and I will be able to contribute £250 a month into my savings in addition.
I've heard people mention drip feeding it into a help to buy ISA over the coming years with the remainder waiting in a high interest current account, would this be advisable?
Thank you in advance
I've got an ISA of £12k maturing in January and am confused as to the best way forward in terms of where to put it, I won't be looking to touch it for at least 5 years (when using the sum towards a first time property deposit) and I will be able to contribute £250 a month into my savings in addition.
I've heard people mention drip feeding it into a help to buy ISA over the coming years with the remainder waiting in a high interest current account, would this be advisable?
Thank you in advance
0
Comments
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Yes that would certainly get a far better return than leaving it in a cash ISA. Also look at regular savers too.Remember the saying: if it looks too good to be true it almost certainly is.0
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Yes, definitely look into the Help to Buy and fund from current accounts. As jimjames says regular savers are also a good way to get higher interest. Nationwide flex direct (5%) and regular saver (5%), TSB classic plus (5%) and regular saver (5%) and LLoyds current accounts (4%) are all good accounts to open and use to feed the regular savers and Help to Buy ISA. The current accounts have maximum limits on which they will pay interest so you will have to open a few and set up some regular standing orders between them to fulfil the income criterias.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000 -
Bear in mind though that most of the current and regular savings accounts only pay the high rate of interest for up to 12 months so you will need to keep an eye on them and move in a year's time.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
The 365 Day 1p Challenge 2025 #1 £667.95/£391.55
Save £12k in 2025 #1 £12000/£120000 -
enthusiasticsaver wrote: »Bear in mind though that most of the current and regular savings accounts only pay the high rate of interest for up to 12 months so you will need to keep an eye on them and move in a year's time.
That's not actually true for current accounts. Only Nationwide has a 1 year rate, all other current account rates have no fixed dates so it's wrong to say most only pay for 12 months. Obviously regular savers are normally 12 months plans anyway.Remember the saying: if it looks too good to be true it almost certainly is.0
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