I want to start saving for a house deposit with my husband, what is the best type of account to go for?

We want to save with as little risk as possible, and ideally it should be a joint account.


Will 拢500 be enough to put away each month? any other advice will be appreciated.
I want to start saving for a house deposit with my husband, what is the best type of account to go for?
If you are UK tax payers a cash ISA each would probably be the best idea - look for the best rates in a reputable financial institution. Your money would be safe; the interest is tax free, and you can each put 拢3,600 away in a tax year. Type ISA into the yahoo search box for lots more info. Good luck!
Reply:To many variables to work with to give you a exact answer here, but there are some guidelines to follow:


Start living on an written budget. You'd be surprised what you are spending-and wasting-money on each month. Make ever pence count.


If you have car payments think about getting rid of the car and getting a get-to-work vehicle. People spend their life savings, house savings, kid's education,etc.... on car payments. Cars decrease in value like a rock. If you want a status symbol then how about a nice house in a nice area. In the states Sam Walton, one of richest men in the world, used to drive an old truck. He commanded the single, largest private workforce on the planet and he drove an old truck.


Save in a money market fund. You will be saving for less than five years I expect. You don't want to be in a risky, longterm investment for such a short time.


As far as the amount per month and the total that depends on you. How much will the house cost? What do you make? What are your expenses? What debt do you have now? Any big purchases on the near horizon?


You may want to have a finiancal checkup with an adviser. They may charge you a little, but save you a lot.


In the states I usually suggest 20% down payment on a 15 year FIXED mortgage. This allows you to make your house payments while saving, paying other bills, and living. The reason so many are strapped down by their bills is they took shortcuts.
Reply:Your priority is to open an ISA account first not a normal savings account as you get paid your interest tax free...the best on the market is 6.5% or you could try an HSBC 8% regular saver account but you can only put a maximum of 拢250 a month into that.
Reply:Put away absolutely as much as you can into the highest interest account you can find
Reply:You and your husband could both open an ISA I wont suggest any product but you wont be taxed on the savings making use of your tax allowance is probably a better idea.