Help with maximising my savings

katygeorge

Hello. Im looking to save a deposit for a shared ownership home. Ive given myself a 2 year target and a aim of £8k

its going to be tight for multiple reasons so i need to try and maximise my savings. 

Sadly i cant have a lisa and im now just list in a sea of savings accounts 

currently putting £50 in a help to save account and £150 a month in a digital regular saver by natwest. This is the max deposit per month for these accounts 

But on the rare months i can save more than £200 where should i put it? 

Massive thanks for any advise on this 

flaneurs_lobster

Could put £0-50/mth @ 8% into here https://www.saffronbs.co.uk/MM_Refer_a_Friend_Saver for a year

A referrer can be arranged.

saverkev

Have a look at Regular Savers
https://forums.moneysavingexpert.com/discussion/6576962/the-top-regular-savers-discussion-thread/p1
https://www.moneysavingexpert.com/savings/best-regular-savings-accounts/
You can probably get a better rate than NatWest's - RBS also do the same digital saver btw

Bigwheels1111

Principality 6 month reg saver issue 3, 7.50% on £200 a month is the way to go.

LHW99

If your £200 is only occasional, so you can't commit to a regular saver for it, why not look at an easy access ISA account (assuming you haven't filled an ISA this year).

There are app-based (ie mobile phone only) ones, online (mobiile phone or desktop) postal and still (I think) a few passbook ones.

Rates will vary on these, but you can sometimes get a slightly better one by having 30day, or longer, notice accounts (if that suits your plans). ISA headline rates can be less than regular savers, but a) you won't have to pay tax on them (if you would be in danger of getting more than your savings allowance) and b) with regular savers, only the first month's payment earns the headline rate for the 12 months, the remaining payments earn it for 11months, 10 months....etc.

You also would have a home when the regular saver matures for the money to transfer to.

clairec666

Look at the link that @saverkev posted, go for the best interest rate, but also check whether there's a minimum amount you have to pay in each month (some specify £25+). Most regular savers let you skip months, which is ideal if the amount you can save each month isn't consistent.
Also bear in mind that most regular savers mature after a year - the Natwest one you already have is good because it keeps on going indefinitely, and the equivalent RBS account does the same.

If you want simplicity, open the RBS regular saver, and you'll be able to continue using the same account until you get to your target. You won't get the best rates this way, but it saves you from having to think about where to move your money in a year's time.

flaneurs_lobster

clairec666 said:

If you want simplicity, open the RBS regular saver, and you'll be able to continue using the same account until you get to your target. 

The RBS Digital RS is a good idea, but does mean opening a current account with RBS to qualify.

clairec666

flaneurs_lobster said:

clairec666 said:

If you want simplicity, open the RBS regular saver, and you'll be able to continue using the same account until you get to your target. 

The RBS Digital RS is a good idea, but does mean opening a current account with RBS to qualify.

True.... it's not too much hassle to open one, but if the OP doesn't want another current account they could go with the Principality regular saver instead. The downside is that it matures after 6 months. Unfortunately there aren't any regular savers that don't require a current account AND continue for longer than a year! (unless one has escaped my notice...)

flaneurs_lobster

clairec666 said:

flaneurs_lobster said:

clairec666 said:

If you want simplicity, open the RBS regular saver, and you'll be able to continue using the same account until you get to your target. 

The RBS Digital RS is a good idea, but does mean opening a current account with RBS to qualify.

True.... it's not too much hassle to open one, but if the OP doesn't want another current account they could go with the Principality regular saver instead. The downside is that it matures after 6 months. Unfortunately there aren't any regular savers that don't require a current account AND continue for longer than a year! (unless one has escaped my notice...)

If OP doesn't mind opening another current account then the one to grab (as I was reminded on another thread here - thanks @GreenScepter) is Zopa, and the 7.5% fixed for a year £300/mth regular saver. Last day for this account TODAY.

Just prodded my OH to do this and have to admit that, like most of the breed of hip cool new app-only accounts, it's far from straightforward and took a bit of swearywords to set up, even with help from someone who's had the account for most of a year. Now sorted with £300 earning 3% more than the EA it was languishing in earlier.

MEM62

katygeorge said:

Hello. Im looking to save a deposit for a shared ownership home. Ive given myself a 2 year target and a aim of £8k

I appreciate that it is a side issue but I would suggest that you look at the recent reports on complaints and the downsides of shared ownership and perhaps re-visit this decision.  As a mortgage broker recently told my step-daughter "a one bedroom flat is infinitely more desirable, and financially beneficial, than a shared-ownership three bedroomed house".   

Ocelot

MEM62 said:

katygeorge said:

Hello. Im looking to save a deposit for a shared ownership home. Ive given myself a 2 year target and a aim of £8k

I appreciate that it is a side issue but I would suggest that you look at the recent reports on complaints and the downsides of shared ownership and perhaps re-visit this decision.  As a mortgage broker recently told my step-daughter "a one bedroom flat is infinitely more desirable, and financially beneficial, than a shared-ownership three bedroomed house".   

https://www.bbc.co.uk/news/articles/clyz8m8jj4mo