You need £17,000 for a first home – heres how to save it
Depositing an amount you can afford into a regular savers account the day after you are paid is a good way to start, suggests Anna Bowes, savings expert at financial advisers The Private Office. “It becomes like another bill, but one that you can benefit from in the future,” she says. The type of account…
Depositing an amount you can afford into a regular savers account the day after you are paid is a good way to start, suggests Anna Bowes, savings expert at financial advisers The Private Office.
“It becomes like another bill, but one that you can benefit from in the future,” she says.
The type of account that’s suitable depends on your circumstances.
Some of the ones that pay the highest interest are only accessible if you hold a current account with the provider, she says.
Other considerations are whether you can lock the money away for longer, to receive a better savings rate.
If you don’t have a buffer of other savings, then experts say an easy access account gives you the chance to dip into the money to pay an unexpected bill.
