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Saving for a car

Many drivers look for an efficient way to save to buy a car or cover the on-going costs of owning one. Take a look at all the savings options to help you afford the freedom a car can provide.

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Deciding when you’d like to buy and how much you’d like to spend on a car can put you in the driving seat.

Creating a plan to buy a car could help you to make the right decisions when deciding how best to save.

Think about:

1.     How much do I have to save to buy the car I want?

2.    How much can I afford to save and how often?

3.    Do I lock my money away or do I need access to it fairly quickly?

Post Office Money® ISAs are provided by OneFamily. Savings in Post Office Money cash ISAs are deposited with Bank of Ireland UK. All other Post Office Money savings accounts are provided by Bank of Ireland UK.

Think about what is practical for you and the amount you’re likely to be able to afford for a car. Also consider the costs of insurance, vehicle tax and any parking arrangements you’ll need to pay for as part of the overall budget.

Easy access savings

You might want to move money around to make the most of interest rates or withdraw some to pay for bills or make a purchase. If so, you'll need an account that gives you access to your money.

Instant Saver

  • Access online, in branch, by phone, ATM or post
  • Open with just £100: top-up whenever you choose

 

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Online Saver

  • Easy access, no withdrawal limits
  • Choose annual or monthly interest payments

 

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Online ISA

  • Choose as many variable or fixed rates as you like
  • Easy Access: open with £100
  • Fixed Rate: open with £500
  • Transfer-in existing ISAs

 

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Easy Access Cash ISA

  • Unlimited withdrawals per tax year
  • Tax-free savings from just £100
  • Transfer-in existing ISAs


 

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Fixed term savings

When saving up to buy a car you might want to consider a fixed term savings account in order to earn as much interest as you can. This could take away the temptation of withdrawing your money before you’ve reached the end of the term and increase the likelihood of hitting your target.

Look for fixed rates of interest from ISAs and Bonds for a defined period of time (term).

Fixed Rate Cash ISA

  • A fixed rate for a fixed term
  • Tax-free savings from £500
  • Open with a single deposit from £500


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Growth Bond

  • A fixed rate of interest for a period of time
  • Deposit from £500-£1million

 

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Whatever your savings targets and how you choose to save, look at all of your options before deciding on which options are right for you. If you’re in any doubt you might want to seek the advice of an Independent Financial Advisor.

Show me everything

Not quite right? Compare all our savings accounts on one helpful page.

Give us a call

For ISA queries:

0800 169 7500 9:00am - 7:00pm, Mon - Fri
9:00am - 1:00pm Sat
Closed Sun and Bank Holidays

All other savings accounts:

0800 169 7500 9:00am - 7:00pm, Mon - Fri
9:00am - 2:00pm, Sat
Closed Sunday