Saving For Mortgage Deposit

0ph0rce0

How do, just wondering if anyone has any experience with saving for a deposit.

I still have a couple of years yet but im shocking with money.

Does it matter where you save your money? (Bank/Post Office/Credit Union/Building Society)????

I have savings with my bank but its just too easy to transfer it back to my current account and usually by the end of the month i'll be transfering big chunks back.

I set up a Post Office,Credit Union & Building Society savings accounts and throw a couple of hundred each month into all 3 as well as my bank. Cause i never make the credit union or post office hours so i cant get it out same with the EBS account as there is none close plus they dont have that easy way of getting it out cause they dont have online banking.


I'm waffling now sorry, my question is really, should i put all my savings together into one account and continue, and when applying if i show that i have been saving with all the above would it make a difference as to showing just saving with say the bank.

Hope that makes sense

the groutch

your savings should all be in one account, a 7 or 30 day notice one
preferably with the bank you're most likely to apply for a mortgage with, makes it easier for them assess your ability to save

The_Conductor

If you're willing to tie up your money for a set period, most commercial banks for 5 and 10 year products whereby you undertake to save x amount per month and have no access to the money until the expiration of the product- in 5 or 10 years hence. The longer you're willing to tie your money up for, normally the higher the interest rate. Note- interest rates are pretty crap at the moment- and given the state of global economies- perhaps you'd rather not tie up your money for a protracted period of time- but thats a choice you have to make.

Dubhlinner

Im planning opening an account with ptsb where you get charged if you withdraw without 21 days notice. your own bank may do this too