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Where to save for a house deposit beyond LISA

greensalad
Posts: 2,530 Forumite


My partner and I each have a LISA and we should hit the £4,000 deposits each by October so I am trying to decide where to put the rest of our cash.
Currently looking at NS&I income bonds as I doubt we'll go over the £1,000 tax free interest earnings (that is correct right? We would only be taxed on income earnt from savings interest if it goes over £1,000, therefore we don't need to worry about using our ISA limit unless we thought we'd accrue that much).
A few things to note is that
a) We need to pull £5,000 out of this account in March to pay a student loan bill
b) I'd like to pull whatever is leftover in the account after that £5k is withdrawn to dump in our LISA's once we get to 21/22 to get the full bonus as quickly as possible. I don't mind leaving a small amount to keep the account open, e.g £500 NS&I states, but wouldn't want it to need over £2k for example.
Any other suggestions?
Currently looking at NS&I income bonds as I doubt we'll go over the £1,000 tax free interest earnings (that is correct right? We would only be taxed on income earnt from savings interest if it goes over £1,000, therefore we don't need to worry about using our ISA limit unless we thought we'd accrue that much).
A few things to note is that
a) We need to pull £5,000 out of this account in March to pay a student loan bill
b) I'd like to pull whatever is leftover in the account after that £5k is withdrawn to dump in our LISA's once we get to 21/22 to get the full bonus as quickly as possible. I don't mind leaving a small amount to keep the account open, e.g £500 NS&I states, but wouldn't want it to need over £2k for example.
Any other suggestions?
0
Comments
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Premium bonds pay on average a similar interest . You might get more or less depending on if you have above or below average luck.0
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