Best type of savings account for young couple

[chaoticred]

Hi everyone,

Just wanted to get some advice on what would be the best type of savings account/s for a young couple looking to save for a house. We were thinking of creating a joint account but unsure if an ISA would be better?

We’re both in our early 20s so would be nice to see what other people our age have gone with or plan to.

Thanks!

if the savings are specifically for a house you each opening a LISA would probably be best

I agree a LISA each would be best as a starting point. You can each pay £4000 to your individual LISA per year. The government will add 25% on top of what you save.

Ah okay so would be best for us both to open individual LISAs. Would we be limited at paying 4000 in those each per year? Thank you!

There's useful information in the MSE link below that should answer a lot of basic questions and give you things to consider to ensure it's the right vehicle, e.g. you need to have had it a year at least and it needs to be for a house costing less than £450k etc.

www.moneysavingexpert.com/savings/lifetime-isas/

Yes, the LISA is £4000 per year each. The government would add £1000 to them each year if you manage the full £4000. You could then look at normal cash ISA with a decent fixed rate for 1 or 2 years. Depending on how long you can keep the money invested for you could go with a Stocks and shares ISA but I wouldn't advise this for anything less than 5 years preferably longer to ensure you can ride out any bumps along the way.