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Loan refunds: Set up a direct debit to save for a deposit

People who have had loan refunds may want to consider using the money to begin saving for a deposit for a house.

Justin Modray of, a website dedicated to helping people better understand and look after their money, has suggested a number ways for people to save for a deposit.

He said: "When saving for a deposit work out how much and for how long you'll need to save to build up the required amount … Then work out a monthly budget that allows you to save sufficiently, if necessary cut down on a few luxuries such as eating out and clothes shopping."

Mr Modray also said people should set up a monthly direct debit so that the money is out of your account before you can spend it.

In terms of what kind of savings account to use, he said that a cash Isa is a good option because it is tax free and low risk.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.

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