Saving for a house

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makemerich12
makemerich12 Posts: 157 Forumite
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in ISAs & tax-free savings
I'm currently working on a rolling contract earning around 700-1000 every two weeks with 17k saved up earning 0.55 apr, I was wondering if i could get a better option to up my money ?

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  • Zorillo
    Zorillo Posts: 774 Forumite
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    Under 40? First time buyer? A LISA will pay you £1k bonus on the first £4k.

    https://www.moneysavingexpert.com/savings/lifetime-ISAs?_ga=2.16317118.985454068.1515702575-1526580856.1513465576

    Otherwise, and for the rest:
    https://www.moneysavingexpert.com/banking/
  • makemerich12
    makemerich12 Posts: 157 Forumite
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    Ok, I've come up with the idea my best solution would be to go with Barclays help to buy earning 2.53%, The only question I have as someone who's currently got around 13k saved up earning 0.55% with £200 a month going in is with a hsbc isa is-

    What happens if i either I inheired a house or just simply needed the cash I've saved up with the help to buy? Could I simply just walk away? that's the issue I'm having as I'd like to start learning to save better then I am currently
  • Paul_DNAP
    Paul_DNAP Posts: 751 Forumite
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    With the help-to-buy ISA you can get your money any time you want and for any purpose, but if you use the money for anything other than towards the mortgage deposit on your first house purchase then you won't be eligible for the 25% bonus from the government.
    (Although I could be wrong, I often am.)
  • makemerich12
    makemerich12 Posts: 157 Forumite
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    Ah so before i go ahead with this, are there any better isa's available with the no penalty charge ?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    With a HTB ISA you would still get your original money back with interest - it's just that you would only get a 25% bonus if your purchase met certain conditions.So it wouldn't be a penalty as much as a lost opportunity.
  • AirlieBird
    AirlieBird Posts: 1,046 Forumite
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    makemerich12 wrote: »
    Ah so before i go ahead with this, are there any better isa's available with the no penalty charge ?

    Depends where you live. There are slightly better rates at a few local building societies in the North of England and West Midlands but they all have postcode restrictions as to who they are available to.
    https://www.money.co.uk/savings-accounts/help-to-buy-isa.htm
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