Skip to main content
Anonymous
Asked a question 3 months ago

Hi all, I hope you can help me. I am saving for a deposit. Started about two months ago and I've been saving exactly £500 each month. I plan to do this for 36 months so I have at least 10% of the cost of the home saved when I am ready to buy. Would anyone be able to provide recommendations on the best place(s) to keep this money to maximise my returns? The money is presently in my current account and even I know that's not optimal...

Where am I?

In Koody Community you can ask and answer questions and share your experience with others!

This answer won 500 Koody Coins

Hi Anon, 

Since you're saving exactly £500 per month, I'd recommend opening a regular saver account. With Coventry, you can deposit up to £500/month. Regular savers are great because they offer higher interest rates than other savings accounts. This page 28 has a list of the highest-paying regular savers atm. 

I won't recommend putting the money in a stocks and shares ISA with only 3 years to go before you buy the house. It's just too risky.

I hope this helps!