Help with recent money

jsc001

Hi all, I am so sorry if I have posted in the wrong section but I couldn't find a previous post regarding this in recent times with all going on in the world at the moment do please accept my apologies. I have today received a short windfall of around 4,500 pounds and we are currently saving for a mortgage deposit for our first home whilst currently renting. Our current deposit saving account is just my standard Lloyd's account and I'm wondering where the best place is to put the money once banked and therefore keep topping up weekly with savings towards mortgage deposit. Thank you very much guys Unfortunately I've very little understanding on the finance banking side of things.

colsten

If it's your first property, you could consider a LISA.

If you haven't had a Nationwide FlexDirect, you could get 5% AER for a year on up to £2,500 per person. Check out the T&Cs, and also check out whether you could get a referral bonus in the process.

Otherwise there are plenty of savings accounts, all paying relatively miserly interest rates.

Don't tie up any money that you might need in the next few months.