Looking for best options to use for housing deposit or saving for rent/bond/furniture

GotPrincess

Hi everyone,

My partner and I are looking to open a joint account where we can save aggressively over the next six months. Our goal is to build a deposit for a house, but if we can’t get approved for a mortgage, we’ll need the savings to rent a place together instead.

We’re aiming to move into a rented property by September 2025 at the latest if buying isn’t an option.

What would be the best type of account for this purpose, especially in terms of earning interest on our savings? Any advice would be greatly appreciated!

Thanks!

grumpy_codger

GotPrincess said:

What would be the best type of account for this purpose, especially in terms of earning interest on our savings? Any advice would be greatly appreciated!

Regular savings accounts, but some of them lock your money for 12 months. And you'll probably need more than one for a really 'aggressive' saving.

https://moneyfactscompare.co.uk/savings-accounts/regular-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Best regular savings accounts

ETA: and there is Savings & investments board here.

PRAISETHESUN

I don't think you need anything special besides an easy access account which pays a decent rate of interest. Regular savers as mentioned above are good as they usually have higher interest rates, at the expense of a restricted amount you can deposit each month. Notice accounts could also be worth considering if you are likely to know in advance when you would need to withdraw.

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/

Bigwheels1111

Are you tax payers, 20% or more.

Trading212 isa is tax free and easy access and is paying 4.90% at the moment.

If you will pay tax on the interest this is the best option. Not the best rate look below.

5.0% is the best.

Select ( Rate Order )

https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Easy access, Select ( Rate Order )

https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

Chase is a bank account but does not do a hard search, atom is just a savings account and very good to deal with.