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    • Olly98
    • By Olly98 6th Mar 18, 12:45 PM
    • 2Posts
    • 0Thanks
    Olly98
    What saving account?
    • #1
    • 6th Mar 18, 12:45 PM
    What saving account? 6th Mar 18 at 12:45 PM
    So Iím a student starting placement in July and plan to save a large majority of my pay during the 12 months.

    However Iím unsure on the best way to save, my original plan was to open a Help to Buy ISA, however with the maximum monthly limit being £200 and looking at saving more than that on a monthly basis and so Iím unsure the best way to go about saving. Anyone got any advice?

    Thanks
Page 1
    • eskbanker
    • By eskbanker 6th Mar 18, 1:09 PM
    • 7,446 Posts
    • 8,027 Thanks
    eskbanker
    • #2
    • 6th Mar 18, 1:09 PM
    • #2
    • 6th Mar 18, 1:09 PM
    If you're saving with a first-time property purchase in mind then a Lifetime ISA offers the same 25% government bonus but on a larger amount - a 12 month period starting in July would span two separate tax years and so you could pay £8K into it over that time.

    You have to have a LISA open for 12 months before using it without penalty if that's relevant to your situation....
    • Olly98
    • By Olly98 6th Mar 18, 1:29 PM
    • 2 Posts
    • 0 Thanks
    Olly98
    • #3
    • 6th Mar 18, 1:29 PM
    • #3
    • 6th Mar 18, 1:29 PM
    Thanks.. I had looked at a LISA, however was under the impression that they money wasn!!!8217;t eligible for withdrawal within a certain term and would like the security knowing if I needed some of it I could withdraw an amount.. I shall look into this further thanks
    • eskbanker
    • By eskbanker 6th Mar 18, 1:45 PM
    • 7,446 Posts
    • 8,027 Thanks
    eskbanker
    • #4
    • 6th Mar 18, 1:45 PM
    • #4
    • 6th Mar 18, 1:45 PM
    Thanks.. I had looked at a LISA, however was under the impression that they money wasn!!!8217;t eligible for withdrawal within a certain term and would like the security knowing if I needed some of it I could withdraw an amount.. I shall look into this further thanks
    Originally posted by Olly98
    Yes, LISA savings can only be withdrawn without a 25% penalty charge if you're buying a first property or keeping them until 60.

    Plenty of other options are available if you're keen on easy access, see https://www.moneysavingexpert.com/savings/which-saving-account - you may find a blended approach works, whereby you put some of your money into a LISA and the rest into one or more regular savers and/or interest-paying current accounts....
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