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06 February 2013

saving for a deposit

I lived in New Zealand for 5 years and have a pension fund there that is worth about £4500, which I can withdraw because I have emigrated permanently (back to Scotland). My partner and I would like to save up a deposit for a flat in Glasgow, which might cost around £130,000. I earn a regular wage but my partner is self-employed and his income is irregular, so we have decided to use my income for rent, bills etc and his income for savings and holidays etc. We would hope to have saved our deposit (around £20K?) in 12-24 months. First Q: should I leave my pension money in NZ for the time being? The pension is in a 'conservative fund' which means that most of it is earning interest as cash and some of it is invested in the stock market. The interest rates there are a little higher, although there are no tax free savings accounts. Also, the exchange rate favours the pound at the moment - but obviously in time this could change. Second Q: As my partner's income is erratic, what is the best savings account for us to apply for - we would need one that can accept lump sums of up to £100-£1000 at irregular intervals. Third Q: Would it be better to consolidate all of our savings - my pension fund amount plus what we can save from my partner's income? Thank you!

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