cash ISA or fixed rate regular saver??

Dollymixture

I'm totally clueless about savings, etc - been trying to learn more but my head is spinning! We're currently saving to take the kids to Disneyworld - looking to save around £1000 a year for 5 years. We started off with one of those sealed cash saving tins(!) and opened it up to find a grand in there. Obviously this isn't a sensible way of saving - so what would be best? We'd be looking to put around £20 a week in, and not touch it. We only have standard current and savings accounts with Barclays, Halifax and First Direct at the moment. Should i open a cash ISA - i am assuming that they cant be in joint names? Or would a regular saver be better - putting in the maximum amount for the first few months until the £1000 already saved is paid in?
Thanks for any advice - as i said i am totally clueless so need all the help i can get!!

fullstop

No cash ISAs can not be opened jointly, you will need to open one each. If you are both tax payers it would be better to open an ISA rather than a ordinary savings account as the interest is tax free.

Dollymixture

Thank you - that's helpful
I've just been looking on the first direct site and they do a regular saver ISA (details below) - would this be a good deal? Thanks

Get a fixed rate of interest of 7.00% AER tax free for 12 months with our Regular Saver ISA. Start saving between £25 and £300 in the first month. Then make regular payments of at least £25, by standing order, every month for the next 11 months. You must not exceed the maximum monthly balance allowed on the account which starts at £300 in month 1 and increases by £300 each month thereafter. After the initial 12 months, you will receive our cash e-ISA variable interest rate on your account balance. Please see our rates and tariffs table. No partial withdrawals or transfers are allowed during the initial 12 months. However you can close your account and withdraw or transfer all of your money during this time although you will then only receive interest on your savings at our cash e-ISA variable rate. After the initial 12 months has ended, partial withdrawals and transfers are allowed.

fullstop wrote: »

No cash ISAs can not be opened jointly, you will need to open one each. If you are both tax payers it would be better to open an ISA rather than a ordinary savings account as the interest is tax free.

fullstop

Dollymixture wrote: »

Thank you - that's helpful
I've just been looking on the first direct site and they do a regular saver ISA (details below) - would this be a good deal? Thanks

Get a fixed rate of interest of 7.00% AER tax free for 12 months with our Regular Saver ISA. Start saving between £25 and £300 in the first month. Then make regular payments of at least £25, by standing order, every month for the next 11 months. You must not exceed the maximum monthly balance allowed on the account which starts at £300 in month 1 and increases by £300 each month thereafter. After the initial 12 months, you will receive our cash e-ISA variable interest rate on your account balance. Please see our rates and tariffs table. No partial withdrawals or transfers are allowed during the initial 12 months. However you can close your account and withdraw or transfer all of your money during this time although you will then only receive interest on your savings at our cash e-ISA variable rate. After the initial 12 months has ended, partial withdrawals and transfers are allowed.

If you are already a First Direct customer, it ticks all the boxes for your situation DM