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Best accounts to save into need help
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Cultkid
Posts: 5 Forumite
Hi i am just after some good really strong advice really i come out of my IVA in september/october so my questions are
1.I can realistically pay £500 a month into 2 separate accounts so for me at the moment are the best 2 accounts the TSB 5% account (do you only get the 5% when you have 2,000 in the account) and also using the satander as my main account 3% on 3,000 plus you have to have at least 2 direct debits going out which i can do
2.How do the banks look on you when you come out of an IVA in regards to your credit score when going for a mortgage if its a small one less than 50,000 if i can also put down a 5% deposit and i am already paying into a help to buy isa
3.I feel i want to keep money in my TSB account because i think i want to take my mortgage with TSB as it is quite flexible and you can pay it off early with no charges
Any advice on these would be great
Thanks for any help
1.I can realistically pay £500 a month into 2 separate accounts so for me at the moment are the best 2 accounts the TSB 5% account (do you only get the 5% when you have 2,000 in the account) and also using the satander as my main account 3% on 3,000 plus you have to have at least 2 direct debits going out which i can do
2.How do the banks look on you when you come out of an IVA in regards to your credit score when going for a mortgage if its a small one less than 50,000 if i can also put down a 5% deposit and i am already paying into a help to buy isa
3.I feel i want to keep money in my TSB account because i think i want to take my mortgage with TSB as it is quite flexible and you can pay it off early with no charges
Any advice on these would be great
Thanks for any help
0
Comments
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Best current accounts for you initially would be tab and nationwides flex direct, both also have regular savers attached which offer 5%, but the regular savers are meant to be held for a year. That would give you 5% on your money with no fees.
Your credit file will be affected by the iva, this will improve over time and disappear after 6 years, you may well struggle for credit in the first few years, if you ask a mortgage question on the relevant board there are brokers and employees who can give you an indication.
Ther shouldn't be much any benefit in holding an account and mortgage with tsb so be flexible and see what might be available on the whole market, and the best deal.0 -
1.I can realistically pay £500 a month into 2 separate accounts so for me at the moment are the best 2 accounts the TSB 5% account (do you only get the 5% when you have 2,000 in the account) and also using the satander as my main account 3% on 3,000 plus you have to have at least 2 direct debits going out which i can do
Santander however, charge you £5 a month, and don't pay 3% if you have less than £3000 in the account, and don't pay anything if you have less than £1000. Unless you are getting lots of cashback on your DDs it doesn't seem the right account for you.
Nationwide, also paying 5% would seem a better choice.Eco Miser
Saving money for well over half a century0
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