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Reached yearly limit on LISA
Leah04x
Posts: 31 Forumite
Myself and my partner are midway through saving up for our mortgage deposit using a LISA through Newcastle Building Society.
We have ensured that we channel almost all of our savings into the LISA to make the most of the 25% bonus.
Our savings currently:
£6697 - my LISA
£6697 - his LISA
£600 - normal halifax savings account
£6697 - my LISA
£6697 - his LISA
£600 - normal halifax savings account
Total - £13994
We’ve only been saving since Feb of this year, but have now reached the £4K limit for the tax year on each of the LISAs.
I realise that interest rates are rubbish at the moment, but where’s best to save our money from now until April next year to maximise our savings? Ideally something that is easy access in case it’s needed and not fixed for a long period of time as we’ll be looking to buy within the next year.
We’ve only been saving since Feb of this year, but have now reached the £4K limit for the tax year on each of the LISAs.
I realise that interest rates are rubbish at the moment, but where’s best to save our money from now until April next year to maximise our savings? Ideally something that is easy access in case it’s needed and not fixed for a long period of time as we’ll be looking to buy within the next year.
Thank you
0
Comments
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N S & I income bonds are the best paying easy access account at the moment.
However their customer service gets a bad press on this forum . High demand and COVID office problems probably to blame .
https://moneyfacts.co.uk/savings-accounts/easy-access-savings-accounts/
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People not reading the T&Cs is the main reason.Albermarle said:However their customer service gets a bad press on this forum . High demand and COVID office problems probably to blame .
There should really not be any reason for contact with CS when opening one of the NS&I accounts, and making deposits. It can all be done online, the T&Cs are easy to read and understand, and there's an excellent FAQ.2 -
Virgin money currents....1
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You could well be right . Three months ago there were complaints on the forum about Ford Money but two of my family members opened new accounts on line with no issues at all , so need to contact CS.colsten said:
People not reading the T&Cs is the main reason.Albermarle said:However their customer service gets a bad press on this forum . High demand and COVID office problems probably to blame .
There should really not be any reason for contact with CS when opening one of the NS&I accounts, and making deposits. It can all be done online, the T&Cs are easy to read and understand, and there's an excellent FAQ.1 -
dont tie all your money up, you may want to consider a emergency fund in NS&I"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP1
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