What type of savings account do you recommend for saving a deposit to buy a house?
I am saving up to put a deposit on a house, prob in the next year or two. Do you recommend any particular savings account from a particular branch? Does having an ISA already affect things?
Renting & Real Estate - 8 Answers
People Answers, Critics, Comments, Opinions :
Answer 1 :
use your ISA, hehe i have 32pence in mine
Answer 2 :
I was gonna say an ISA but apparently you already have one...make sure you use your full allowance at all times...and You could open a Regular saver and deposit something every month....HSBC offer 10% for that kind of savings!!
Answer 3 :
Check out some of the online savings offers at the moment. You can be limited to how much you put into an ISA, but the online accounts have got good interest rates for the amounts of money you can put in. The HSBC one is something like 5.7% interest!!! Good rate for looking after your money and that little bit extra towards your deposit for letting them do it!!!
Answer 4 :
Do you mean an IRA? If you already have an IRA, there's a possibility that you could take up to $10,000 out of the IRA without penalty to put toward the downpayment on a first home. (Check out the article linked in the source box below.) If you also want to set up a savings account (which is a good idea, regardless), I recommend the ING Direct online savings accounts. They don't have any minimum requirements, they pay 4.5% (right now and it's been on the rise recently), and it's very simple to use. I've had an acct there since 2003 and I've been very satisfied with them. http://www.ingdirect.com
Answer 5 :
you can put £3000 per tax year in a cash ISA
Answer 6 :
I'm with ING direct, they offer a great rate of interest (4.75%) and you get access to your money anytime. x
Answer 7 :
you can put up to £3000 a year into a mini isa, and take up to £7000 into ISA on their own, ie all £7000 into an ISA, or a mix of mini and ISA... sorry lol.. that sounds like drivel. There are lots of high interest savings accounts out there, do a search, or check out some financial sites. You can open two or three, and move your money around, as some pay interest at different times, so you can get interest for each day it is in there, or monthly or yearly. Takes some planning, but you can end up getting interest two or three times on the same money! Some of the weekend newspapers will give you tables of the best accounts etc, I know the sunday mail does. Other idea is to go into your local town and visit all the banks and building socities and see what they have on offer. You can also look at bonds, but they will tie your money up for a certain length of time! however, if you can put it into there for a year at the least, you can get a good rate of interest! Good luck in your saving!
Answer 8 :
just completed Barclays 10% regular saver had to save £200 per month for a year got £95.00 ( paid £25 tax !!!! _) interest on the £2400 saved over 12 months not really worth it, no savings account pays high interst these days. Good luck saving for your house
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