I have some money- where should I put it?

DLP12

Hi
I have about 10k in my current account that I need to put somewhere. I already have a help to buy ISA so it can’t go in there as only £200 a month is allowed. I have realised how low the interest is on my NatWest Cash ISA (0.02%) is so I am wondering where the best place to put this money is. I would like to access it in about a year from now to put down as a deposit on a house.
Thanks

DLP12

*0.2% not 0.02

Zorillo

Are you under 40? If so, put £4k in a LISA either side of April 5th and you will now have £12k to go towards your house in a year's time.

xylophone

If you are able to use LISA as above, consider opening a TSB Classic Plus current account with the remaining £2000.

You would set to paperless and deposit £1500.

Set up a mid month same day SO from your existing current account to pay £500 into the TSB and a matching SO from TSB to your existing current account.

Pick up the monthly interest from TSB and pay it (together with the remaining £500) into the best paying easy access account you can find.

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

if you can't be bothered with any of the above, at least arrange for transfer of the ISA to an account with a better rate?

DLP12

Zorillo wrote: »

Are you under 40? If so, put £4k in a LISA either side of April 5th and you will now have £12k to go towards your house in a year's time.

Thanks zorillo. I decided to do this. In fact my partner and I both opened lifetime ISAs with the money. I have another question if you can help- I have £5k in a help to buy isa which I will now not use for buying a house as have decided to go the lifetime isa route instead. It has a high interests rate - do you know if I can just use the help to buy isa for the interest rate and not go for the 25% at the end. I can’t see any where that that is not allowed but feel like it isn’t. Does this make sense? So basically wondering what to do with that money now! Thanks in advance!

xylophone

https://www.moneysavingexpert.com/savings/lifetime-isas/

You're also allowed to have a Help to Buy ISA and a LISA, though you can't get the first-time buyers' bonus on both (see Help to Buy ISA vs LISA info below). But you could get the Help to Buy ISA bonus for a home and then use the LISA and its bonuses for retirement.