Which savings account is beat for us?

Lauren2205

Me and my fianc! are currently trying to save a deposit for our first mortgage. I’m a full time student and only manage to work the odd occasion at the minute, although come summer I’ll be working full time. He works full time on a salary of £27,000.
A few years ago we planned to start saving and I opened a help to buy ISA with Halifax to put the money into. However our financial situation changed quite quickly after I opened the ISA and we didn’t manage to put in the £1000 in the first 21 days. We can also put in upnto £200 per month, but because our plan to save was put on hold we haven’t really paid any money into the ISA at all yet. I think there’s about £50 in it.
Now I have a year left of my degree we’re looking to start saving again so that hopefully we’ll have enough by the time I graduate to start looking at buying.
Since I’m still a student we won’t be able to commit to putting a set amount into savings each month, but we’re going to try and put what we can in.
Basically I’m just wondering if this ISA is still the best option for us to save our money in or is there a better option out there for us now?

Thanks in advance

eskbanker

Help To Buy ISAs are still decent accounts to have, especially if you're unable to save more than £200 per month and are looking to buy a property valued at no more than £250K (£450K in London).

Lifetime ISAs have come onto the scene since though, which allow contributions of up to £4K/year, so are better for many, with a more generous £450K property value cap nationally. They need to be open for a year before use (without penalties) so worth getting started sooner rather than later if that's the route you choose to go down.

You can only benefit from the 25% government bonus on one or the other, but not both, of these schemes, when buying your first property, so choose wisely! You can each have one though, so can save up to £8K per year in LISAs, which the government will boost to £10K.

Key differences are explained at https://www.moneysavingexpert.com/savings/lifetime-isas/ and a broader range of considerations is covered at https://www.moneysavingexpert.com/savings/which-saving-account/.

Lauren2205

Thanks eskbanker! I thought that might be the case but after all this time I just wanted to check if we were missing out on a better option.