Savings advise please

Roger175

As a few other posters have said, this all depends on your age and whether you will be first time buyers. If under 40 years old and a first time buyer, then a Lifetime ISA (LISA) is going to trump any cash ISA or savings account.

Assuming you have a partner (also under 40 and a first time buyer) and are happy to both open an account, you can add £4,000 each in this tax year and another £4,000 next tax year (after April 2024). So you can get a total of £16,000 in LISA's and this will gain a 25% bonus, plus you will earn some interest, albeit the best LISA only pays 4% (but don't worry about this, the 25% bonus is the key thing).

You can then earn various other interest - I would add the remaining £24,000 into a one year fix saving account earning 6% and put the £8,000 (next year's LISA contribution) in the higher paying instant access account you can find.

I reckon you could earn somewhere around £5,500 (bonus and interest) by doing this, as opposed to a maximum of £2,400 if you put £40k into a one year fix at 6%.

This all assumes the money will be used for a house deposit and you are prepared to jump through a few hoops (I would for this sort of extra money!)