Advice Please ISA v Savings Account

hushpuppy

Hi all,

Looking for advice please? I am now in a position where I can start saving £400 per month.

I do not, nor have I ever had an ISA, and I am thinking of going down that route, but I'm not sure if it is the best option, given there are some bonds that (appear to) give better interest rates?

I would appreciate any advice please.

Thanks

Lokolo

What do you mean by bonds?

Most fixed rates bond only allow one deposit, so your monthly plan of £400 a month would not work.

hushpuppy

Thanks for clarifying that, that's why I need the advice!

Lokolo

Can you definately afford the £400 a month and for 12 months?

hushpuppy

Yes, no problems whatsoever.

Lokolo

http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#reg

Best on there is Halifax but there is a better one

http://www.bucksbuildingsociety.co.uk/investments/chiltern_gold_mine.asp

But only a max of £250 a month.

If you want to go full on, open each, put £250 in the Bucks BS one and £150 into Halifax.

hushpuppy

Thanks, I'll have a look at both. Given that I am a 40% tax payer, can you offer any advice as to what is going to be my best option by doing as you suggest for 12 months against opening an ISA?