What can I have in addition to a LISA?

Tigeraudrey

I have a LISA for buying my first home in a couple of years. I’m coming into some money (more than the 4K for LISA Limit) and wondering where else I can save. I have a Santander 123 but fear il end up spending it as it’s easy access. What’s safest (ie not so accessible) but also with a good savings rate that I can have as well as a LISA?

TIA

aj23_2

Look at the Top Savings Account page.

Or Regular Savers page.

Tigeraudrey

I have but I’m finding the whole thing confusing. Some say I can have an isa and a lisa but some say I can’t save in both for the same year. It’s confusing and can’t find a specific answer to my question anywhere!

ColdIron

You can have as many ISAs as you like from previous years but you can only subscribe (put new money into) one of each type of ISA in any one tax year. So from today you can subscribe to a LISA and, say, a cash ISA. The only gotcha is that Help to Buy ISAs are a form of cash ISA so you have to choose one or the other

There are 4 types of ISA:

• cash ISAs
• stocks and shares ISAs
• innovative finance ISAs
• Lifetime ISAs

You can put money into one of each kind of ISA each tax year.

https://www.gov.uk/individual-savings-accounts

Alexland

You may also want to save regularly in a HTB ISA which often have preferential interest rates even if you have no intention of claiming the bonus. It is easy access however perhaps you could just forget that detail for now.

eskbanker

Tigeraudrey wrote: »

I have a LISA for buying my first home in a couple of years. I’m coming into some money (more than the 4K for LISA Limit) and wondering where else I can save. I have a Santander 123 but fear il end up spending it as it’s easy access. What’s safest (ie not so accessible) but also with a good savings rate that I can have as well as a LISA?

If it's a lump sum that you'll be looking for a home for, and you're not wanting easy access, then it would be worth considering fixed-rate accounts (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#fixedsavings) and/or notice accounts (https://savingschampion.co.uk/best-buys/personal/notice-accounts/).

Fixed-rate cash ISAs are typically paying less than the equivalent taxable accounts so the latter are likely to be a better bet if you don't earn over £1,000 a year in savings interest.

Also consider Sharia accounts: https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/#sharia