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  • FIRST POST
    • Karma
    • By Karma 6th Feb 18, 9:43 AM
    • 55Posts
    • 0Thanks
    Karma
    Saving as a couple
    • #1
    • 6th Feb 18, 9:43 AM
    Saving as a couple 6th Feb 18 at 9:43 AM
    Hi,

    My wife and I both have separate bank accounts/finances (it's always been this way and works for us at the moment).

    I currently have an ISA with HSBC and Lloyds but they're pretty much empty and they're both in my name only.

    We would both like to start saving more by creating a monthly standing order to some kind of joint savings account.

    Should we look at a cash isa or something similar?

    Thanks
Page 1
    • Karma
    • By Karma 6th Feb 18, 10:10 AM
    • 55 Posts
    • 0 Thanks
    Karma
    • #2
    • 6th Feb 18, 10:10 AM
    • #2
    • 6th Feb 18, 10:10 AM
    This may be a stupid question (re ISA) as that is personal tax?
    • MallyGirl
    • By MallyGirl 6th Feb 18, 10:49 AM
    • 2,473 Posts
    • 7,470 Thanks
    MallyGirl
    • #3
    • 6th Feb 18, 10:49 AM
    • #3
    • 6th Feb 18, 10:49 AM
    ISA stands for Individual Savings Account so you can't have a joint one - but you can have one each that you contribute the same to.

    Depending on when you might need the money, a set of interest paying bank accounts and regular savers might be better
    • Karma
    • By Karma 6th Feb 18, 10:55 AM
    • 55 Posts
    • 0 Thanks
    Karma
    • #4
    • 6th Feb 18, 10:55 AM
    • #4
    • 6th Feb 18, 10:55 AM
    We're planning to use the account for emergencies etc.

    Let say we go for a joint savings account that requires immediate access - should we look around for good deals or are they all pretty much the same?

    Thanks
    • MallyGirl
    • By MallyGirl 6th Feb 18, 11:28 AM
    • 2,473 Posts
    • 7,470 Thanks
    MallyGirl
    • #5
    • 6th Feb 18, 11:28 AM
    • #5
    • 6th Feb 18, 11:28 AM
    most traditional savings accounts pay rubbish interest - around 1%, maybe a bit more. Some bank accounts and regular savers pay up to 5% if you are prepared to meet the criteria.
    • kidmugsy
    • By kidmugsy 6th Feb 18, 12:10 PM
    • 10,199 Posts
    • 6,924 Thanks
    kidmugsy
    • #6
    • 6th Feb 18, 12:10 PM
    • #6
    • 6th Feb 18, 12:10 PM
    Get one of the regular saver accounts that lets you withdraw money during its life without penalty.
    Free the dunston one next time too.
    • Alexland
    • By Alexland 6th Feb 18, 12:38 PM
    • 1,670 Posts
    • 1,136 Thanks
    Alexland
    • #7
    • 6th Feb 18, 12:38 PM
    • #7
    • 6th Feb 18, 12:38 PM
    Nationwide Joint Flex Direct allows you to deposit £2500 at 5% for s year as long as you cycle £1k through the account each month. In addition they offer an easy access 5% Joint Regular Saver for £250 per month.

    Or if you are less loved-up those accounts are available individually to save even more money at 5%.
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