Where to put my savings?

Barnes1988

Good afternoon everyone.

I have always been poor with money. I have decided to do something about it. I have had a meeting with the bank and started following this website. We have worked out that I can easily save a substantial amount of money per month.

Does anyone have any advice on where the best to save this money is? I live with my fiancee at her house which she owns but we are talking about getting our own place. Therefore, I have read that a government help to buy ISA would be a good idea for a max of £200 but I don't know where is best to put the rest of the money?

Any help would be great thank you :money:

Mat

Westie983

Check out the savings accounts here.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest?_ga=2.209069911.436090502.1516065186-1857421021.1516065186

The savings thread here.

https://forums.moneysavingexpert.com/discussion/596724

Westie983

Alexland

Look at the Lifetime ISA from Skipton instead as you can contribute more than a HTB ISA each tax year so get a bigger 25% government bonus. The interest rate is lower but that shouldn't matter much if you are buying soon anyway. You can put £4k in by 5th of April to get a £1k bonus. Then another £4k from 6th April for another £1k bonus. LISAs need to be open 12 month before they can be used to buy a property up to £450k. You cannot use both a HTB and Lifetime ISA for a property purchase so you have to choose one.

Also if you have any remaining lump sums look at getting Nationwide Flex Direct bank accounts where you can each deposit £2500 for 12 months at 5%. You can also have a joint account for a further £2500 at 5%, and each deposit £250 each month into regular savers at 5%.

Check the T&C's of all these accounts carefully to ensure they are suitable for your needs.

Alex

jimjames

It's a good plan to start looking and asking questions here but be very wary of any advice from your bank. They are only going to sell you their products which may not be the best deal for your situation - or with some bank products, for anyone's situation.