Where is the best place to save £1000 a month???

jaydonna

My partner and I are planning to save a minimum of £1000 a month (between us) over 12-18 months for a deposit for a house. Where is the best place to start saving?

jonnyb

Assuming you don't want any risk to the savings, in my opinion, get a cash isa each, at least for next financial year, that will let you save £3000 each over the year.
Then look at regular savers with 10%,(1 each, max of £250 per month, that's another £3000 each) and standard savers around 5%.

I would seriously consider Alliance and Leicester for everything at the moment. Their ISA is 5.20 %, regular saver is 10%, and current account pays 5% on balances up to £2500. As a bonus you can both qualify for a referral fee of £50 with Alliance and Leicester.

codetown

Besides the ISA (do it immediately; A&L Direct ISA is good), I would recommend to open some regular saving accounts.

There are offers even at 10% interest, but they are all limited to 150-250 pounds a month. So you will need more than one account.
Being in two you will be able to use more the best plans.

Besides A&L Regular Saver (max 250/month per account per month and must open also a Premier Direct), there is also a Barclays one at 10% (max 250/month), a HSBC at 8% (max 250/month), an Halifax at 7% etc.
So you should spread the regular income on these accounts if you want the best return!

Careful though to the conditions of the regular savers. Often they ask you to also have a current account in the same bank and some want you to have your salary in it (Barclays asks for a salary of 1000 paid in the linked current account; A&L asks for money deposits for at least 500 a month in the linked account).

jaydonna

As we don't have good credit references, we may not be able to open the necessary current accounts. But thanks for the suggestgions, - I will check them out anyway

mylittlefriendbaxter

how do you expect to get a mortgage if you can't even open a bank account ?

jaydonna

We are trying really ahrd to pay off our debts and the mortgage is definatly a long term plan!!! So, please less of the sarcasm - positive vibes only!!! Thanks

trademark

"how do you expect to get a mortgage if you can't even open a bank account"

Fair question i thought !!!!!!!!!