Best place to put savings in for house deposit?

apricity

Wanting to save for a house deposit in the next few years.
Don't know which savings account would be best for this... I do have an untouched & empty help to buy ISA account with Lloyds but was thinking of closing it as I have not had enough savings to deposit and I've had it a few months so missed the opening bonus anyway.

I literally can only afford £10 in the house savings this month unless i move £100 into it now... It's only because I'm saving for my wedding, I only have 2 months of putting £300 away then I can put this amount into savings for the home (we get married in September)

My Fiance says he doesn't like the idea of the help to buy as we'd be stuck with new builds.

All advice appreciated

Zero_Sum

Will you be first time buyers? If so should look at LISA's & HTB ISA's as government tops up by 25%

apricity

yeah first time buyers, both are.
should we save a bunch of money before opening or just open and deposit as and when?
My htb can deposit a lot more than me

xylophone

You can have a LISA each if eligible.

You can each have an HTB Isa if eligible.

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

You can each use one or the other towards the purchase of your home.

AnotherJoe

apricity wrote: »

yeah first time buyers, both are.
should we save a bunch of money before opening or just open and deposit as and when?
My htb can deposit a lot more than me

If you put the money in as its available you'll obviously earn more interest than if you wait until later since it will be earning interest on more for longer.

eskbanker

apricity wrote: »

My Fiance says he doesn't like the idea of the help to buy as we'd be stuck with new builds.

He would seem to be confusing the Help To Buy Equity Loan scheme (which is restricted to new builds) and the Help To Buy ISA (which isn't).

george4064

eskbanker wrote: »

He would seem to be confusing the Help To Buy Equity Loan scheme (which is restricted to new builds) and the Help To Buy ISA (which isn't).

Was just about to post that myself too.

Facknats

. I opened a Lifetime ISA which will pay 25% bonus uptown £1k a year for £4k savings

. Saved £250 a month into Nationwide flexdirect saver at 5% interest for one year

. Pay anything over Nationwide max deposit into moneybox, av 3-5% returns most of the time

. Took £100 bonus from switching to Nationwide and £500 I made by referring people to trading 212 and Nutmeg

. At end of Lisa year will put 4k in (as you can do lump sum and the money worked harder for me in other places than the LISA investment ISA) and use anything left over to roll over and deposit next year.

. I estimate about £1936 free money made on interest, returns, bonuses etc over one year this way

. Disclaimer, there may be a flaw in my plan somewhere, but it seems to be working ok so far

apricity

Well i only earn £200-£300 to put away each month and currently thats going towards our wedding so
can only afford little bits at a time for now.

Facknats

Apricity yes, I appreciate that.. however much you save, it's how hard you can make that money work for you. Currently mine has made an extra £1900 or an extra £160 a month just by watching the referral board and getting the decent interest rates, then getting a 25% bonus on top of that. Even if you just put £10 a month away, the difference in a year using that method would be £126 to £157 just through bonuses/interest.

Then you could earn more by referral fees etc. Mine tot up to £600 for the year before I even earn interest or bonus. After which, that's £900 or so just for opening various accounts and getting friends to sign up for things.

apricity

thanks everyone. I put £25 for now .