Best savings account to have

Emmaaar22

Hello, Firstly sorry if this is in the wrong forum.

But I am looking for the best savings account on the market. I`m a first time home buyer with not nearly enough savings so looking to save. I will be buying on my own and my current bank is with Lloyds if that helps. If theres anymore information you would like to hand feel free to ask.

jimjames

The best savings account is the one that suits your requirements the best. I don't think there is one single account that is the best for everyone. Have a look at the list here and see what might meet your needs

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

Middle_of_the_Road

Emmaaar22 said:

Hello, Firstly sorry if this is in the wrong forum.

But I am looking for the best savings account on the market. I`m a first time home buyer with not nearly enough savings so looking to save. I will be buying on my own and my current bank is with Lloyds if that helps. If theres anymore information you would like to hand feel free to ask.

If you have, or open a Club Lloyds current account, their regular saver account would be a good start.

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

You might want to look into opening a LISA which are tax exempt savings accounts specifically for saving for your first property.

https://www.moneyboxapp.com/isa/lifetime/cash/

dcs34

Depends on a number of factors, primarily:

• Do you need access to the money in the short term? If so, look at easy access savings accounts. If not, you might be able to get a better rate by locking money away for a period of time (6 months, 1 year, 2 years etc...) using a fixed or notice account.
• Have you used your personal allowance and if so, do you pay the higher rate of tax? If so, an ISA (into which you can pay £20k each year without paying interest on it) might mean you earn more than with a normal savings account, even if the headline rate is a little lower (a 4% ISA paying 0% tax beats a 5% savings account if you have to pay 20% or 40% on the interest there).
• Are you comfortable using low-service app-based accounts (which tend to offer the better rates) or do you want to stick with providers you know and trust? Is being able to talk to someone in person at a branch or on the phone a red line for you?

Based on your post I would say have a look at the Lloyds Club Lloyds regular saver and standard regular saver (as these should be straightforward for you to open and use as an existing Lloyds customer) and also a LISA if this works for your house deposit. Then put the rest in a EA savings account or ISA, unless you're confident you can lock some of it away for a period of time.

badmemory

A lot of this depends on when you are hoping to buy.  If you are looking to buy in 18 months then you certainly don't want a 2 year fix.  But the suggestion of regular savers is a good one for new savings as they normally have higher interest rates but they usually have a limit per month so depending on how much you hope to save you may need more than one.

Emmaaar22

Middle_of_the_Road said:

Emmaaar22 said:

Hello, Firstly sorry if this is in the wrong forum.

But I am looking for the best savings account on the market. I`m a first time home buyer with not nearly enough savings so looking to save. I will be buying on my own and my current bank is with Lloyds if that helps. If theres anymore information you would like to hand feel free to ask.

If you have, or open a Club Lloyds current account, their regular saver account would be a good start.

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

You might want to look into opening a LISA which are tax exempt savings accounts specifically for saving for your first property.

https://www.moneyboxapp.com/isa/lifetime/cash/

Would I be able to have both of these? Sorry kinda new to all of this.

Thank you for your suggestions

allegro120

Emmaaar22 said:

Middle_of_the_Road said:

Emmaaar22 said:

Hello, Firstly sorry if this is in the wrong forum.

But I am looking for the best savings account on the market. I`m a first time home buyer with not nearly enough savings so looking to save. I will be buying on my own and my current bank is with Lloyds if that helps. If theres anymore information you would like to hand feel free to ask.

If you have, or open a Club Lloyds current account, their regular saver account would be a good start.

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

You might want to look into opening a LISA which are tax exempt savings accounts specifically for saving for your first property.

https://www.moneyboxapp.com/isa/lifetime/cash/

Would I be able to have both of these? Sorry kinda new to all of this.

Thank you for your suggestions

Yes, you can have both. You can have as many bank accounts as you want so long as t&c allows.

Emmaaar22

allegro120 said:

Emmaaar22 said:

Middle_of_the_Road said:

Emmaaar22 said:

Hello, Firstly sorry if this is in the wrong forum.

But I am looking for the best savings account on the market. I`m a first time home buyer with not nearly enough savings so looking to save. I will be buying on my own and my current bank is with Lloyds if that helps. If theres anymore information you would like to hand feel free to ask.

If you have, or open a Club Lloyds current account, their regular saver account would be a good start.

https://www.lloydsbank.com/savings/club-lloyds-monthly-saver.html

You might want to look into opening a LISA which are tax exempt savings accounts specifically for saving for your first property.

https://www.moneyboxapp.com/isa/lifetime/cash/

Would I be able to have both of these? Sorry kinda new to all of this.

Thank you for your suggestions

Yes, you can have both. You can have as many bank accounts as you want so long as t&c allows.

Lovely, Thank you so much for your help. I`ve already opened a ISA account so shall be doing this next .

Alexland

Emmaaar22 said:

Lovely, Thank you so much for your help. I`ve already opened a ISA account so shall be doing this next .

Ensure you read the LISA terms and conditions carefully to ensure it's suitable for your circumstances. In particular the property you buy must be under £450k, you must have the account open at least a year before using and there is a penalty greater than the bonus if you need to withdraw the money before 60. Only your solicitor can make a penalty free withdrawal to support a qualifying property purchase. If you added £4000, the 25% bonus would be £1000 but the 25% penalty would be £1250,
The next tax year starts 6th April (although check your provider's year-end deadline for contributions) so if the LISA is suitable you may wish to prioritise trying to make the most of this tax year's £4k allowance in the next few months.