No idea where to put my savings

Friday1989

I'm saving for a deposit for my first home (!!!) and have been doing pretty well but I am sure I haven't been making the most of my savings. I struggle to understand/get overwhelmed and don't try to understand interest rates so I have tended to keep my money where it is. That's mainly in 0% interest accounts I have had since I was 16 and 18

All of my accounts are under 1% interest (my instant saver is only 0.2!). The only wise move I seem to have made is getting a Help to Buy ISA which I then transferred into a LISA.

My LISA has been maxed out for the past two years and I'll be adding the maximum £4000 on 6th April to get the £1000 bonus.

I plan to start looking for a flat in September so are there any accounts I could put money in that have a better interest rate and that I won't get locked into beyond September?

System

For such a short term it makes little difference but keep it in a cash account and dont consider stocks or shares.

xylophone

Try here

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

Paul_DNAP

You can easily do better than the 0.2% - pop it in a Marcus or the Virgin e-saver at 1.5% for instant access cash savings. (The virgin will let you have access to it twice a year).


But, as said above, for such a short period it's not going to be a massive windfall, but every penny counts, but if you don't want to go through the rigmarole of opening new accounts with new providers, just bunch it all up in the best rates with providers that you have at the moment.

TBC15

In your situation Charter Savings bank is offering 1.9% on a 95 day notice account.

Friday1989

Thanks everyone. That's really helpful. I'll move everything into one of the accounts mentioned. Every little helps!

Friday1989

Charter Savings only allow you to make deposits from your nominated account. I've only gone and transferred my savings from the wrong account :eek: I was so busy checking and rechecking the sort code, account number and reference number to make the payment that I forgot it had to be from that account.

I rang Charter Savings and they said it should just bounce back by Monday as they will refuse any deposits not from nominated accounts. I also rang Halifax who made a note and said to get back in touch if it's not back in my account by Monday. Really hoping it is. I am so annoyed at my self

KeepOnKnitting

Don't worry too much. Your money just went on a little holiday tour and will be back again soon enough. I have done it myself before by trying to put money into my fixed bond when I meant to put it in my ISA. It just bounced back and I then sent it correctly.

polymaff

Look on the bright side. At least you aren't left waiting out next weekend.

Friday1989

Thanks for your positivity. I was feeling pretty stupid but thinking of my money taking a holiday (though I haven't in years to save it!) made me smile