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No longer eligible for Help to Buy ISA - Where should I now put my savings?
Lizzylizzylizzy
Posts: 2 Newbie
Hello there,
I have been putting money into a Help to Buy ISA every month, have just discovered that since I have recently inherited a third of my fathers property I am no longer classed as a first time buyer so cannot be accepted for the first time buyers scheme.
Does anyone have any advice to what I should now do with my savings? Should I just leave it in this account as used the money when required, or is there a better place it can be held to gain more interest?
Currently have £3400 saved and hoping to buy a property in Summer.
Many thanks for any advice,
Lizzy
I have been putting money into a Help to Buy ISA every month, have just discovered that since I have recently inherited a third of my fathers property I am no longer classed as a first time buyer so cannot be accepted for the first time buyers scheme.
Does anyone have any advice to what I should now do with my savings? Should I just leave it in this account as used the money when required, or is there a better place it can be held to gain more interest?
Currently have £3400 saved and hoping to buy a property in Summer.
Many thanks for any advice,
Lizzy
0
Comments
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Lizzylizzylizzy wrote: »Hello there,
I have been putting money into a Help to Buy ISA every month, have just discovered that since I have recently inherited a third of my fathers property I am no longer classed as a first time buyer so cannot be accepted for the first time buyers scheme.
Does anyone have any advice to what I should now do with my savings? Should I just leave it in this account as used the money when required, or is there a better place it can be held to gain more interest?
Currently have £3400 saved and hoping to buy a property in Summer.
Many thanks for any advice,
Lizzy
What's the rate on your current H2B ISA?0 -
3.50% Tax free interest.0
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Lizzylizzylizzy wrote: »3.50% Tax free interest.
Keep it! No savings account gets close to that.0 -
Since you will be buying in summer you may as well leave it, but you could do better.
Put £2500 in a Nationwide Flexdirect current account at 5%AER. Put £500 a month into a Flexclusive regular saver, also at 5% AER. You can reduce the monthly payment once all the money has been moved, perhaps to the £200 you have been paying into the HTB. You can withdraw from both accounts whenever you like.Eco Miser
Saving money for well over half a century0 -
Keep it! No savings account gets close to that.
Ed-1 this thread was mentioned by the poster in the below thread - wouldn't the OP on this thread be ineligible to continue with the HTB ISA if they owned property? It's not clear if this OP actually owns property or will receive a cash distribution from the estate which was disposing of the property.
https://forums.moneysavingexpert.com/discussion/comment/73990252#Comment_73990252
Alex0
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