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Maxed out my savings account...what next?
Matt_Tiger
Posts: 4 Newbie
Hello!
Hope you're all well. Sorry if the answers below are obvious, I'm not very up to speed with all these savings and money matters hence the question. Hope it's okay.
Me and my girlfriend are saving up for a house together. I have a BeeHive Money Homebuyer Lifetime ISA. For the current tax year, I have just found out that I've maxed out the savings at the £4,000 limit and therefore I can't add any more to it until April 2023. We are fortunate enough to still be able to afford more savings between now and April.
What would be the best thing to do? Presume it's not to leave it in our current accounts. The current BeeHive Money Homebuyer Lifetime ISA is under my name. Would it be wise to set one up under my girlfriend's name and we continue almost as we were? Would we still be able to get the government bonus and use both accounts for the same deposit when we come to buy our house? Or can we only use one BeeHive Money Homebuyer Lifetime ISA for one deposit?
Would we be better to get a different savings account? Any specific ones?
Thank you for your help!
Hope you're all well. Sorry if the answers below are obvious, I'm not very up to speed with all these savings and money matters hence the question. Hope it's okay.
Me and my girlfriend are saving up for a house together. I have a BeeHive Money Homebuyer Lifetime ISA. For the current tax year, I have just found out that I've maxed out the savings at the £4,000 limit and therefore I can't add any more to it until April 2023. We are fortunate enough to still be able to afford more savings between now and April.
What would be the best thing to do? Presume it's not to leave it in our current accounts. The current BeeHive Money Homebuyer Lifetime ISA is under my name. Would it be wise to set one up under my girlfriend's name and we continue almost as we were? Would we still be able to get the government bonus and use both accounts for the same deposit when we come to buy our house? Or can we only use one BeeHive Money Homebuyer Lifetime ISA for one deposit?
Would we be better to get a different savings account? Any specific ones?
Thank you for your help!
0
Comments
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I suppose another option would be to keep hold of what we would put in, and drop a lump sum in April into the same account.0
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Presume it's not to leave it in our current accounts. Normally not. The current BeeHive Money Homebuyer Lifetime ISA is under my name. Would it be wise to set one up under my girlfriend's name and we continue almost as we were? Sounds like this would be a good idea. Would we still be able to get the government bonus and use both accounts for the same deposit when we come to buy our house? YesOr can we only use one BeeHive Money Homebuyer Lifetime ISA for one deposit? No, but you might look at an alternative LISA provider as I do not think Beehive have the best interest rate.
Suggest you study the LISA rules carefully.
Lifetime ISA (LISA): how they work & best buys - Money Saving Expert
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Another Lifetime ISA as long as you don't plan to buy in the next 12 months. Look for best buy1
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