Best savings strategy

cornishblue83

Hi all

I have a CCJ that is now a couple of years old caused by my failing to pay an outstanding student loan. I ended up dragging my heals with it as I shouldn't of had to pay it in the first place but then got slapped with the CCJ

But anyway im looking forward now and I have about 4 years till the CCJ comes off and my credit rating will begin to improve. So now Im looking to the future and planning on the best strategy to save for a deposit on a house. I have £8000 in savings and Im happy to save about £60 a month for the four years (about £3000). I have had a look at some of the Help to Buy ISAs, Normal ISAs and also compared different APRs on normal saving accounts.

The help to buy ISAs looks tempting but I cant put the full £8000 in straight away so would it be best to put the rest in a savings account.

Basically Im looking for a bit of advice on the best strategy to maximise my return ready for the day I can get a mortgage.

Thanks

Aiden

Flobberchops

A Halifax 4% HTB ISA should be your priority, even without the ability deposit all £8000 straight away. Open one with £1200 and feed in the full £200 a month.

The rest can be held in various current accounts and cycled through high-interest Regular Savers. I forget what the current optimal strategy is, check out the forum sticky.

colsten

Flobberchops wrote: »

The rest can be held in various current accounts and cycled through high-interest Regular Savers. I forget what the current optimal strategy is, check out the forum sticky.

It will be difficult/impossible to get the best accounts with a CCJ. It might be possible to get some Regular Savers that don't pre-req current accounts, and drip-feed them to improve the overall return.

But in case you want to try, the best rates are listed here: https://forums.moneysavingexpert.com/discussion/5374614

cornishblue83

Thank you for your replies.

Colsten, when you say it will be difficult to get the best accounts with a CCJ do you mean the Help to buy ISA or a savings account. ?

Thanks

Aiden

Kim_13

I believe the CCJ will only affect the Current Accounts, however as many/all Regular Savers require the current account to be held, it does restrict your options there. What current accounts do you currently have and are these the basic type or the full account?

The Help to Buy ISA should be fine.

colsten

I did mean current accounts as these are the best accounts for interest. You can still try to apply for current accounts but if you get accepted at all, it will most likely just be for a basic account, and basic accounts are not giving you access to the Regular savers.

However, not all Regular Savers require a current account - that's why I provided the link to the Regular Savers thread.