Best thing to do with 3k

first78

I've just come into some money...3k. I want to move house in 2-3 years and need to save as much as possible. What is the best thing to do with this 3k? Thanks.

Stevie_Palimo

If you are saving for a deposit look at first time buyer ISA and if you are renting then look at another ISA or just a standard savings account, You could also try premium bonds with a view for any wins if they happen to be paid straight back into your pot.

stardust09

If you were born in 1978, as your user name suggests and are a first time buyer, open a LISA and then you can get the government bonus.

jimjames

stardust09 wrote: »

If you were born in 1978, as your user name suggests and are a first time buyer, open a LISA and then you can get the government bonus.

I guess it depends if "move house" means "buy first house"

If not then Nationwide account at 5% along with regular saver will take care of the total.

But moving house surely you need more than £3k, where is the rest of your money?

Stevie_Palimo

I think there is an echo in here.

first78

jimjames wrote: »

I guess it depends if "move house" means "buy first house"

If not then Nationwide account at 5% along with regular saver will take care of the total.

But moving house surely you need more than £3k, where is the rest of your money?

What Nationwide account is 5%, please? I have a savings account and a flex account with them currently.

first78

Thank you for the replies. I am not a first time buyer and currently have a mortgage but am looking to move in 2-3 years. Just want to get the most I can from this 3k.

coyrls

first78 wrote: »

What Nationwide account is 5%, please? I have a savings account and a flex account with them currently.

The Flex Direct account (5% for a year), you can open one in addition to your Flex Account (I have). You need to find a way to transfer £1,000 a month into it from an external account. If you don't already have one open an external account (e.g. TSB 3% account) and each month transfer £1,000 into it from your Flex account, then transfer from the external account to the Flex Direct account and then from the Flex Direct Account back to your Flex account. It can all happen on the same day.

xylophone

Do you have the Flexclusive regular saver? You can save up to £500 a month at 5%.

Bravepants

xylophone wrote: »

Do you have the Flexclusive regular saver? You can save up to £500 a month at 5%.

Sounds good doesn't it? BUT, you pay your money in by £500 per month chunks, so the actual annual interest rate you get on these regular savers is more like half the advertised rate.

So expect approx 2.5% actual return from this account after the year is up. There is an illustration on the website.

TheShape

Bravepants wrote: »

Sounds good doesn't it? BUT, you pay your money in by £500 per month chunks, so the actual annual interest rate you get on these regular savers is more like half the advertised rate.

So expect approx 2.5% actual return from this account after the year is up. There is an illustration on the website.

No, No, No, No, No ,No, No!!!!!!! :doh: