Regular savings of large sums

Enigma80

Hi all, my wife and I are currently living with my parents as we can't afford to move out. Basically an agreement that helps us save up for a deposit, we pay the bills and food in the house.

We're looking to buy in about a years and are looking for a regular savings account. However, most regular savings accounts only let you save around £250 a month. As we're in quite a fortunate position we're looking to save around £2000 a month between us.

Is there a joint savings account that allows this or even a £1000 in case we want to save individually?

Thanks in advance.

gozomark

surely most savings accounts allow you to save as much as you want ??

opinions4u

Halifax will let you do £500 each. 7%.

There's £1000 sorted.

Then look at two others each for the £250?

Enigma80

Yes I suppose we could do that. We were hoping for that 'easy' solution, but yes, I suppose we could do it that way.

cloud_dog

Plus you could each have one (so between £500 - £1000 pm). Also you must be on very good relations with the parents, might they be willing to open accounts and you deposit the money (you need to consider if this might affect their tax postiiton or any benefits they may receive).

EDIT: Also don't forget you would probably be better off (depending on iterest rates) to use your cash ISA allowance between the pair of you, worth saving a couple of months wortth and depositing it

cloud_dog

Enigma80

Well I'm seriously looking into the Halifax accounts now. I'm also looking at Nationwide and West Bromwich building societies. A friend mentioned that if you have savings accounts with them are more likely to offer you a better a deal on mortgage. Is there any truth in this?

Speculator

http://www.principality.co.uk/default.aspx?page=548

7.00% 500pm

Enigma80

Speculator wrote: »

http://www.principality.co.uk/default.aspx?page=548

7.00% 500pm

Just had a quick look at them. I've never heard of them, anyone use them?

I'm not really savvy with savings and finance in general (i've been terrible saving so far).

Speculator

I've been saving with them for 5 years with no problems.

Enigma80

Considering I won't have anywhere near the garunteed amount (35k-55k?) that seems to be available (in case the banks go under) I don't really need to worry about which account I chose do I?

Speculator

No you don't. Gauranteed amount is 100% of 50K