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With more Britons jointly saving to buy their first home, savers are being urged to check they\u2019re investing in the accounts with the best returns. At present, joint savers can currently benefit from interest rates as high as 5.85 percent.<\/p>\n
House prices fell by 5.3 percent in August compared with the same month last year, reflecting the biggest annual drop since 2009, according to Nationwide. While this is a sizeable fall from the record-high levels seen last year, getting on the ladder remains a daunting task for first-time buyers.<\/p>\n
Average house prices are still hitting \u00a3259,153 in the UK And when paired with the UK\u2019s stubborn 6.9 percent inflation rate, building up a deposit is harder than ever.<\/p>\n
Despite the challenges, new figures from\u00a0money.co.uk savings accounts\u00a0indicate millions of young people are banding together in an effort to ease the burden.<\/p>\n
Nearly half (47 percent) of people aged 18-24 have a joint savings account with their partners, family members, or friends, according to the data, while around a quarter (23 percent) of young people are actively saving for a home.<\/p>\n
READ MORE: <\/strong> House prices fall by 5.3 percent in a year – the biggest fall since 2009<\/strong><\/p>\n With this in mind, a savings expert has explained how to get \u201cexcellent\u201d rates and \u201cmaximum savings potential\u201d during the current period of high inflation eroding money\u2019s purchasing power.<\/p>\n Lucinda O\u2019Brien, expert at\u00a0money.co.uk, said:\u00a0“Saving together through a joint savings account has a wealth of benefits, and they\u2019re not just related to your savings potential. For starters, it promotes shared financial responsibility and a sense of teamwork, which is key when it comes to long-term goals.\u201d<\/p>\n Ms O\u2019Brien added that funds can also accumulate \u201cmuch more quickly\u201d with multiple contributors, while joint savings accounts offer competitive interest rates that enable money to grow at a faster rate and \u201cenhance\u201d savings potential.<\/p>\n However, Ms O\u2019Brien said: \u201cDeciding what type of joint savings account is right for you depends on your personal circumstances, and how quickly you may need to access your funds.\u201d<\/p>\n Don’t miss… <\/strong> For those at the beginning of a long-term savings journey and financially secure enough to know that they won\u2019t need to dip into savings, Ms O\u2019Brien said: \u201cYou can get excellent rates and maximum savings potential with a fixed rate bond.\u00a0<\/span><\/p>\n \u201cThe Ford Money Fixed Saver One Year offers a competitive 5.95 percent interest rate, which is great for your long-term savings, but with no access to withdrawals for a year.\u201d\u00a0<\/p>\n Similarly, the My Community Bank One Year Fixed Term Deposit offers a 5.95 percent interest rate, with a 12-month term.<\/p>\n Ms O\u2019Brien said: \u201cIf you want to save but might need immediate access to your funds – either to move quickly to secure a purchase or for other, unrelated emergencies – then an instant access account is the one for you.\u201d<\/p>\n According to the savings expert, the Ford Money Flexible Saver account is currently \u201cone of the best available options\u201d, with a rate of 4.75 percent.<\/p>\n We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n Meanwhile, the Aldermore Double Access Account provides savers with a marginally lower 4.7 percent rate.<\/p>\n Ms O\u2019Brien added: \u201cRemember that joint accounts aren\u2019t the only option when saving for your first home, with lifetime ISAs (LISAs) providing a 25 percent bonus to your savings up to \u00a31,000 a year, the top choice for many.\u201d<\/p>\n There are certain rules to follow to qualify for the bonus. Firstly, people must be UK residents to open and continue to pay into a Lifetime ISA, unless they\u2019re a crown servant (for example, in the diplomatic service), or their spouse or civil partner.<\/p>\n The property must also cost \u00a3450,000 or less and it must be bought at least 12 months after the first payment into the LISA is made. People must also use a conveyancer or solicitor to act for them in the purchase – the ISA provider will pay the funds directly to them. People must also be buying with a mortgage.<\/p>\n![](\"https:\/\/cdn.images.express.co.uk\/img\/dynamic\/23\/590x\/secondary\/AVERAGE-HOUSE-PRICES-UK-2023-4942185.jpg?r=1693831801748\")
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Virgin Money offers market-leading 5.8 percent interest rate on fixed cash ISA[INSIGHT] <\/strong>
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Best ISAs, easy access and fixed savings accounts paying interest up to 6.2%[ANALYSIS] <\/strong><\/p>\n