If saving to buy your first home, why not take advantage of the new Help to Buy ISA sponsored by HM Government, launched on 1st December 2015.
Your savings will be boosted by 25% if you have accumulated over £1,600 in your ISA up to a maximum of £12,000, representing a bonus of between £400 and £3,000. This offer is per individual, so couples saving to buy their first home can double up and benefit from up to a £6,000 windfall.
You can invest up to £200 per month, and start off the plan with a lump sum of £1,200.
Maximising the bonuses available from saving will take approximately four and a half years. Interest rates of up to 4% per annum can be secured from lenders (as at 22/12/2015), however rates can fluctuate.
If your Solicitor/Conveyancer is registered to do so, they can then apply for your bonus when you come to purchase your new property.
For further details on eligibility and FAQs as well as Banks and Building Societies that are participating in the Help to Buy ISA market, visit;
https://www.helptobuy.gov.uk/help-to-buy-isa/who-is-eligible/