Instant access savings towards wedding!

Jo_R_2

I am looking for an instant access savings account in which I can deposit varying amounts each month, but at least £50 - I want to start saving for my wedding It is likely the payments will consist of a regular fixed amount plus any extra savings made across the month.

I have an ISA which has a measly interest rate currently so want to avoid that, also because I want something away from my current account which is with the Halifax.

I am entertaining the possibility of a joint account, but does it have any implications given I am a stay at home mum but my OH works for tax purposes?

Jo_R_2

Bump - anyone?

jimbow25

How far away is the wedding and most of the expense for it? (Congratulations by the way)

If it's in the next year to 18 months and you want the best rate a 1 year monthly saver might be what you're looking for. Lloyds TSB let you save £25-250 a month at 5% interest for 12 months with no limits on withdrawals (unlike many other monthly savers) but I think you can only make 1 payment a month so you'll have to decide how much you want to pay in and do it once a month only. Also you need their basic current account.

I'm not an expert on joint affairs but I think it's better for it to be in your name so you can then have interest without tax being deducted - you need to ask the bank for form R85 to complete so they don't deduct tax from the interest.

Having said all that, hypothetically saving £100 a month for 12 months at 5%, with no withdrawals, would only get you about £32.50 interest so it's up to you whether the extra interest is worth having to potentially open 2 accounts.

Jo_R_2

Thanks We're looking at December 2010 at the earliest so that's 16 months away.

The account(s) you mentioned are potentially interesting - however I do *reeeally* want to have the flexibility to pay extra amounts in on top of a regular monthly amount - am I limiting myself here?

I will also be prob wanting to put other savings into it I think for a longer term as we're also hoping to save for a house deposit over at least three years if not longer.

D1zzy

Jo_R wrote: »

Thanks We're looking at December 2010 at the earliest so that's 16 months away.

The account(s) you mentioned are potentially interesting - however I do *reeeally* want to have the flexibility to pay extra amounts in on top of a regular monthly amount - am I limiting myself here?

I will also be prob wanting to put other savings into it I think for a longer term as we're also hoping to save for a house deposit over at least three years if not longer.

Nothing to stop you having a separate savings account for the "extra amounts" in addition to a regular saver account

CLAPTON

first thing is to move your ISA if its paying measely rate of interest

Jo_R_2

Haven't used my ISA for a while - am I right in thinking though that there are certain "rules" about opening new ISAs if you have one already? Or can I just open a new one as I haven't used my old one for ages?

nicko33

Jo_R wrote: »

I want something away from my current account which is with the Halifax.

The Halifax 5% Regular Saver may be the most convenient for you though.
https://www.halifax.co.uk/savings/regularsaver.asp
£25-£500 per month
but if you make any withdrawals within 1 year you lose the good interest rate.

CLAPTON

Jo_R wrote: »

Haven't used my ISA for a while - am I right in thinking though that there are certain "rules" about opening new ISAs if you have one already? Or can I just open a new one as I haven't used my old one for ages?

you can contribute up to 3,600 in each tax year

you can transfer your 'old' one to your new one assuming the new one allows 'transfers in'

how old is old?
what's the interest rate?

nicko33

Better rates (and some flexibility) can be had from the Abbey if you can cope with the strings that are attached.
https://www.abbey-products.com/banking/6plus6.html

current account that pays 6% (fixed for 1 year) on balances up to £2500
if you can pay in £1000 per month

and if you use their Account Switching Service, a 6% Regular Saver is also available