Savings plan - advice needed

mouche

Hello everyone. I need some advice on whether my plan for my savings makes sense or not so would really appreciate your feedback.

We have Cash ISAs and subscribe the total amount every April. We are planning to switch banks for our ISAs but waiting till April when we hope there will be some better rates on offer. We’ve already saved the money for 2009s ISAs and now need to work out what to do with the monthly savings.

I save £750 per month and I know I can keep this up for the next year at least.
OH saves £600 per month.

I’ve just opened and A&L eSaver Issue3 though have not put any money in it yet. (Interest rate 3.6% p.a gross/ AER)

Then I read about regular savers. I had one of these with HSBC some time ago but I was under the impression that once you’ve had one, you can never have one again. Is this true? If not, would it make sense for me to open one with them again (Interest 8%). OH could open one as well (he gets 10% interest being a Plus customer).

So my tentative plan is:
1) Fill up ISAs
2) Put £250 a month into HSBC regular saver; open and put £500 a month into Halifax regular saver (5%)
3) OH puts £250 a month into HSBC regular saver; open and put £350 into Halifax regular saver
4) Anything extra goes into the A&L account

Does that make sense? Or is there a better way to maximize our returns? We don’t want to get into shares etc. as we will probably need the money next year.

Lokolo

That is the best thing to do