Where to save the extra

emmajjb

Hello
Both my husband and I have help to buy ISA’s which we are currently saving the top £200 a month. However we are additionally saving between £100-£200 extra a month which at the moment, I’m just leaving in my current account. Where am I best to put this extra savings to potentially earn a bit of interest but have access to it when it comes to buying? Thanks 

Wkmg

Just put it in the highest interest savings account you ca find. You’ll make next to nothing though. 

emmajjb

Thank you for replying to me! 

So just put it into a savings account? I’m new to all this, I’ve only ever had 2 bank accounts. So savings account as in just a normal ISA? 

Wkmg

Not an ISA, a normal savings account. They normally have better interest rates and you’re unlikely to have any tax liability on it. 

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

emmajjb

Oh ok, brill, I’ll take a look! Thank you for your help, appreciate it! 

Facknats

If easy access is not a problem for you, you should swap the help to buy ISA for a Lifetime ISA. That way you could save £4k per year into it, lump sum if you wanted and get a £1k bonus. 

emmajjb

Oh I never looked into that, no we won’t be touching the money for anything other than a deposit. She we could close both help to buys and put all funds in to a life time ISA? 

grumiofoundation

Lifetime ISA has to be open for a year before you can use for deposit so if you are planning to buy within next 12 months will not be suitable. 

Can deposit £4000 per tax year so can always open with £1 today and then pay in the remaining £3999 before the end of the tax year next march.