I'm a saving towards my first home: Where should I keep my deposit?
I'm an aspiring first time buyer with a £50,000 deposit currently built up. About £20,000 has been gifted to me by my mum and dad which is currently sitting in my bank's savings account paying 2.25 per cent and I have an additional £15,000 I have saved up myself which is sitting in my bank's cash Isa deal paying 3 per cent. The best easy-access cash Isa rate on the market currently pays 3.45 per cent, so transferring your cash Isa to a market leading deal will only add 0.45 percentage points of interest. Easy-access: Chip - 3.71% One-year fixed-rate: Vanquis Bank - 4.81% Two-year fixed-rate: Al Rayan Bank - 4.85% Best easy-access cash Isa: Shawbrook Bank - 3.45% The average easy-access rate is currently 2.02 per cent, according to Moneyfacts so you're doing better than the average. Although rates may change, if you leave £20k sitting in your bank's easy-access deal paying 2.25 per cent, you're on course to earn £454 over the next year.
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