Help to buy ISA or Savings Account?

winter_123

Hi, I currently have a help to buy ISA with Virgin Money. I believe the maximum amount needed in there to get the government bonus when buying a new home is £12k. I have more than this in my account so is it worth putting whatever I have over the £12k into a savings account to get better interest?
I have also moved in with my partner who already owns a house so therefore I would not be looking to buy in the near future so is it still worth me having to help to buy?
I’m not sure what is best to do with my money, keep it in the ISA, move some of it, or move all of it? Can anyone recommend?
Thanks. 

Mark_d

Unless you will be buying your first eligible home within the next six years then there is no point in having a help to buy ISA.

The best thing to do with your money will depend on the stability of your income, the stability of your current living arrangements, your disposable income, you financial goals, your attitude to risk...

winter_123

Thanks for your reply. We would be looking to move within 6 years, however as the prices of properties are increasing the likelihood of the property being under 250k is slim so I wouldn’t qualify for the bonus. Therefore the money I have saved would most likely go towards a deposit or for house refurbishments. 

I like to stay quite safe so wouldn’t look at taking any risks. Ideally looking to put it somewhere to get some interest. Do you think putting the money in to different places would be a good idea?
Thanks

masonic

winter_123 said:

Thanks for your reply. We would be looking to move within 6 years, however as the prices of properties are increasing the likelihood of the property being under 250k is slim so I wouldn’t qualify for the bonus. Therefore the money I have saved would most likely go towards a deposit or for house refurbishments. 

I like to stay quite safe so wouldn’t look at taking any risks. Ideally looking to put it somewhere to get some interest. Do you think putting the money in to different places would be a good idea?
Thanks

Have you considered a Lifetime ISA, which has a £450k property limit? You could shift £4k per tax year over. See https://www.moneysavingexpert.com/savings/lifetime-isas/#buyingaproperty