Help with savings - Goal to buy first property

grumiofoundation

wjr4 said: 

Do not cash in your HTB ISA as you can transfer this to the LISA and keep the bonus. Reduce your everyday spending to clear the debt. 

What do you mean by this? You get the HTB bonus when you purchase a property (as opposed to LISA which you get paid into the account) so you can’t ‘keep’ the bonus. 

 

Cashing in the HTB (presuming you mean withdrawing money from it/closing) and then paying this into LISA versus transferring it makes no difference. 

Bringvaluetome

Can't seem to find the interest rate paid on a Hargreaves Lansdown LISA.

ColdIron

Bringvaluetome said:

Can't seem to find the interest rate paid on a Hargreaves Lansdown LISA.

It pays no interest as it's intended to hold investments

https://www.hl.co.uk/charges-and-interest-rates

Bringvaluetome

From what I'm reading, it's ok to hold just cash in the HL LISA.

Bringvaluetome

You don't have to invest straight away if you don't want to.

grumiofoundation

Bringvaluetome said:

From what I'm reading, it's ok to hold just cash in the HL LISA.

But why would you want to? If you are not going to invest the money you might as well get 1% interest?

Sailtheworld

Bringvaluetome said:

You don't have to invest straight away if you don't want to.

If you're saving a deposit you won't need to invest at all. 

The interest rates are really low but for the sake of a click of a button you may as well get 1% as opposed to nothing.

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

Sailtheworld

Bringvaluetome said:

You don't have to invest straight away if you don't want to.

If you're saving a deposit you won't need to invest at all. 

The interest rates are really low but for the sake of a click of a button you may as well get 1% as opposed to nothing.

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

Bringvaluetome

I would like the scope to invest just not at the moment. Was burnt badly recently. Shorted Hammerson PLC.

Sailtheworld

Bringvaluetome said:

I would like the scope to invest just not at the moment. Was burnt badly recently. Shorted Hammerson PLC.

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

The link contains detail about S&S LISAs - which account's best will depend how much you wish to trade etc.

You can have more than one so there's nothing to stop you using a cash LISA and then opening a S&S LISA later when your fingers have healed.