The 'We're saving for a deposit' thread

lostinrates

Another £20k would be good this year. We are sort of on track, but mainly thanks to a payrise!

clearing_out_my_pockets

JimLad wrote: »

What savings account do you have your deposit savings in?

My situation is a little complicated. I've just withdrawn ALL of my ISA (which was getting 0.5%) and put it in my esavings account. From now on, I'll be transferring £1,000 a month from there into my nationwide regular savings account which gets either 2.5% or 3.0%. My 'normal' savings will be going to Britannia's Homesaver account.

MrDT

I've been considering closing my ISAs to chase a better rate.

Accounts as they stand:

Barclays current account - 0.00%
Barclays tax haven ISAs - 2.10% aer [edit - have applied for a 3.1% aer fix from first direct accepting transfers in]
Barclays monthly savings - 7.75% aer (max £250 a month)
Alliance+Leicester premier direct - 5.00% aer (up to £2500)
Alliance+Leicester esaver issue 3 - 2.60% aer [edit - issue 4 offers 3.00%, have just applied for this]
Halifax reward - £5 for in credit balance each month, funding requirement of £1000

Current account pays nothing, but I'm not missing much, money goes in on payday, most of it is then swept into other accounts, bills go out a day or two later. I tend to keep a balance of £100-£200 in the current account.

The ISA is a bit rubbish. I can either lose the tax break and go for a higher paying easy access account, or try to find a half decent ISA that accepts transfers in. I'm not bothered on the tax break as I'll be wiping my savings out within the next couple of years. What I'm bothered about is the prospect of interest rates rising in the meantime, ISAs becoming attractive again, and being unable to truly take advantage of the situation. [edit - an extra 1% from first direct, just applied for it]

Monthly savings is great, but allows a maximum saving of £250 a month. I save about £750 a month, so could do with more like this. I doubt such interest rates exist anywhere anymore though. I was lucky to get this fixed rate when I did.

A+L current account is great, 5% on the first £2500. Anything over £2500 gets shoved into the esaver, 2.6% better than a kick in the teeth. [edit - applied for a new account that pays 3.0%]

Finally just opened a Halifax account, rate varies dependant on how much you keep in there. I'm just looking to bag the £5 a month, so it'll be a transfer in and out of £1000 once a month for me, giving an aer up in the thousands I think lol!

mouche

Target by Christmas is £50,000 between us.

About £20,000 of that is in ISAa paying a rubbish rate of 0.75-1%. Thinking of findng a better paying ISA that accepts transfers.
Another £10,000 in online savers of which £7200 will be transferred to ISAs in the new tax year. Will have to find a decent easy access for the rest.
£2500 in current account (5% interest upto £2500)
£2500 in 3% easy access account (including bonus; will drop to 1% by Christmas)
£1250 in 10% regular savers
£250 in 6% regular savers

poppysarah

lloyds have a good isa rate if you have 30k to transfer

jak

We've got most of ours in Halifax reg. saver at 10%. The rest is in
BM e-saver issue 2 at 2.5% ish I think. Need to find a better one really...
Thanks for all the answers to my question by the way. It's good to have common goals. Motivating...

JimLad

jak wrote: »

We've got most of ours in Halifax reg. saver at 10%. The rest is in
BM e-saver issue 2 at 2.5% ish I think. Need to find a better one really...
Thanks for all the answers to my question by the way. It's good to have common goals. Motivating...

Most of my overflow from my ISA is in an account at 2.5%. I dont know if i can be bothered to switch for a max of 1% more than cud easily drop

purplevamp

JimLad - I'm with you re: switching. The last time I switched to get a better deal the bank went t*ts up. I'm still hoping the rates will start go back up soon, they can't stay low for ever, can they?

jak - it was a very good question and really got everyone talking :T

ZoeGirl_3

Just ran through a morgage calculator my bank has online (as you do lol) and the deposit you need is about 7 times what it was when I used to do this all the time about a year ago!! :mad::eek:

Had seen this on the news, but hadn't realised it had jumped that much!! I am in NZ so not sure if it is like that over there, but it at least further strengthened my resolve to save my BUTT OFF this year lol. :rolleyes:

Edited to say: Keep feeling a real nesting instinct lol, I have started making some new napkins (with cross stitch designs around edge - yikes i need to get out more!!) to put away for when I finally get a house. Anyone else get this or have I just been obsessed with houses for too long?

lostinrates

ZoeGirl wrote: »

Edited to say: Keep feeling a real nesting instinct lol, I have started making some new napkins (with cross stitch designs around edge - yikes i need to get out more!!) to put away for when I finally get a house. Anyone else get this or have I just been obsessed with houses for too long?

I've been nesting for years. DH thinks its funny, but I have er, some old trunks and a few old blanket boxes, like some bride of yesteryear, full of curtains, antique linen, and like you, stuff I have made. Honestly, people talk about FTB not appreciating the expence oif setting up home. Absolutely the only thing we'll need immeadiaely is a cooker: we're pretty sorted....especially for curtains and table cloths!:o