Savings which is the best way to save for a house deposit?

Question

My girlfriend and I are interested in setting aside 1200 pounds a month for the next two years. Our goal is to have a nest egg in two years which will be a deposit for a house. What is the best way to do this? We have considered opening up a joint savings account but would an ISA or something else be better (and as safe) we are cutting back expenses and are looking for other ways to save money . Thanks!

Answer 1

Go to www.bankrate.com to find the saving account with the highest rate.  You want a safe account because you will use the money in two years.

Do not get a joint account. If you are going to have a joint account and you trust her enough to make finanical decision together, you should marry her.  After you marry her, then get a joint account.

Answer 2

Since you are not married it would be much easier to set up savings accounts in each of your names and put the money you each earn into your own accounts and combine them when you put the deposit down. That way, if one of you has something strange happen where someone demands money from them (like a credit agency, relatives, someone you are in an accident with, etc.) then they cannot get the money the other one has saved too since it isn't in the same account. MUCH safer that way. Don't put both of your money in a combined account or it will eventually make you MISERABLE!