Best Savings Account (First time buyer)

YKay

We have been looking at the ISA Help to Buy and the LISA (Lifetime ISA)

We want to open up a savings account and focus hard on saving over the next 2 years. We are a couple aged 27/29 and able to save £500 in total together per month.

£500 x 24 months = £12,000 on target.

We wouldn't really want to be saving any longer than 2 years. Ideally, we would like to buy a £200,000 house.

What would you recommend for the best savings account?

Zero_Sum

If its regular monthly amounts, id probably go for a regular saver in the first year. Think Virgin at 3% is best one around, get one each.

asm89

Individual lifetime ISAs in addition I'd say. You can save 4k per financial year in it with 25% bonus. So each year you'd each get 1k of free money. Both LISAs can be used towards your purchase

YKay

Zero_Sum wrote: »

If its regular monthly amounts, id probably go for a regular saver in the first year. Think Virgin at 3% is best one around, get one each.

Am I missing something? You would recommend a 3% regular savings over a 25% help to buy ISA?

asm89

Help to buy isas only let you save 2400 per year

grumiofoundation

asm89 wrote: »

Individual lifetime ISAs in addition I'd say. You can save 4k per financial year in it with 25% bonus. So each year you'd each get 1k of free money. Both LISAs can be used towards your purchase

Agreed lifetime isa likely your best bet (assuming you are committed to using funds for house purchase and won’t need to access).

As above since you can save 4K per tax year this would enable you to get 3 x the 1k bonus in 24 months time.

grumiofoundation

asm89 wrote: »

Help to buy isas only let you save 2400 per year

You can save 3400 in first year