Arranged overdraft..

elleJay42

Instead of getting the family member to look after the money get it into a help to buy ISA or LISA.

You get like £50 added every month in bonus depending on how much you put in. I did it a couple of years ago and my £4000 deposit became £5000 after the bonus in like a year and a half!

phillw

amylouise39 wrote: »

it would just making easier (for me) to manage.

I think everyone here will disagree with that. Unless your £800 overdraft is interest free then you are losing a load of money every month for no reason. Once that is paid off then you don't have to worry about it and having savings in your own account that you can access and transfer without triggering anti money laundering checks, will always be easier than having relatives look after it. If they died then you've lost it all, if they spend it then you're creating a whole heap of problems.

AnotherJoe

amylouise39 wrote: »

I'm currently paying £400 a month to a family member who is saving the money for us, and will gift us money to top this up for a deposit / fees.

Another vote for "terrible idea" because when that money comes in from the relative they will have to sign to say it's a gift (when it's your money) and you saying you gave it to them to look after sounds frankly ridiculous. Why aren't you saving in a LISA or HTB account to get the bonuses? And as said just pay the overdraft off instead of fannying around with different accounts.

AnotherJoe

OP's taken her ball home