Best Savings account?

MrsPitcher2b

Hello everyone

I thought i would ask everyones expert advice, i am looking to open a savings account as i am now saving up for a house/wedding. I can save £1500 a month so would really like my best return on this. I no an ISA is probably the best way to go, due to the whole tax free thing but i already have two isa's so can i open another... I have one with Nationwide, one with NS&I (i think) so i take it i cant open another with them.

With my A&L account, i have a savings account linked with it, which allows me to transfer money instantly over to it - so for convienience that suits me but i am not sure of the interest rate.

What bank is best/what account?

fullstop

You can start another ISA with whoever you like this tax year 2008/2009. New tax year starts 6th April and you can then open next years one.

opinions4u

MrsPitcher2b wrote: »

I am looking to open a savings account as i am now saving up for a house/wedding.
When? The timescale for saving is important to enable people to give accurate advice.

I can save £1500 a month so would really like my best return on this.
Regular Saver accounts at places like Barclays and Principality Building Society require a 12 month commitment, but with rates at 6% are right up there as top payers. A&L often have deals like this for existing customers too. Opening 3 accounts each (using different providers) may be the best way to maximise your returns over a year.

I no an ISA is probably the best way to go, due to the whole tax free thing but i already have two isa's so can i open another... I have one with Nationwide, one with NS&I (i think) so i take it i cant open another with them.
You can fund one ISA per tax year each. You can have one and so can your other half. There is no limit on how many ISAs you have open. Just how many you fnd within the tax year.

With my A&L account, i have a savings account linked with it, which allows me to transfer money instantly over to it - so for convienience that suits me but i am not sure of the interest rate.
Have you thought of asking them?

What bank is best/what account?

Using sites like https://www.moneysupermarket.com/savings is usually a good way to seek out rates. But before buying I'd always work out what questions concern you and research the terms and conditions online with the provider - and then make a phone call to clarify your understanding.

MrsPitcher2b

Thank you opinions4u, i have noticed barclays have a good regular saver account but you can only save £250 a month, but as you say i could open a few more.

Have seen a good deal through A&L - e-Saver account but only problem is if you withdraw the money out in a month you dont get the interest that month, but then its only a month and i wouldnt be withdrawing it until i need it (not getting married/moving until oct 2010 - so plenty of time!) With the exception of July you can withdraw without any affect, so if i needed money and didnt want to affect the interest i could wait til july!!

I have looked on the interest rates for my savings account with A&l and its only 2% which to me doesnt really seem much so i do want to sort something out!! Will have a look on the link now, thank you!

juicyjude

Hi Mrs P I have just opened an e-saver with A&L and the process (so far anyway) has been quite painless. I am awaiting further instructions in the snail mail. The interest rate is quite good atm, well better than a lot I suppose. No as you say you cant just take money out except for July so I am using it like a bond. Fixed rate would be better but hey in this day and age you cant have everything I suppose Let me know how you get on