Working in the financial industry for over 30 years, Rachel Thrussell is the leading independent expert on UK savings products. Her views are constantly in demand from both the industry and the press.
My parents have given me a few thousand pounds that I think I am going to use to help buy a house sometime in the next couple of years. What type of account should I put the money into in the meantime?
If you are definitely going to buy a house with the money, then you could open a Lifetime ISA. This is a Government scheme that offers generous bonuses to savers, although there are a number of things that you’ll need to consider first – our guide on Liftime ISAs should help you decide. However, if there is a chance that you will use the money for something else, then a straightforward savings account may be more appropriate. An easy access account (or ISA) may be best if you don’t know when you’ll need the funds, while a fixed rate bond (or ISA) could be an option if you’re confident you won’t need the funds for a certain period of time.
|1 Year Fixed Rate Bond||0.44%|
|2 Year Fixed Rate Bond||0.51%|
|3 Year Fixed Rate Bond||0.67%|
|4 Year Fixed Rate Bond||0.72%|
|5 Year Fixed Rate Bond||0.90%|
|5 May 2021|
Subscribe for free
To receive Savers Friend every week, please sign up for your free subscription