Novice Saver Help

leni

We've never really had any savings, well we save£2k and then spend it on a sofa, holiday etc but last year we got married and managed to save £12k and paid for the whole wedding and honeymoon. Now we want to continue saving!

At the moment we have £6k in bonds which we put in last Aug after a generous gift from IL's and £3.7k in our LloydsTSB standard saver.

We put away a minimum of £700 each month for the wedding and could easily up this to £800 and continue to save. So whats best for us? ISA? more bonds? any advice?

I like to work to goals so my goal is to save £10k before New Year (we are trying for a baby so as much savings as poss would be great!) We're also planning an extension but are thinking of putting this on our mortgage!

bbl_2

Bonds are a good way to go forawrd providing that you do not need the money for the term it is in there. Only put it away if you are not going to need access to it.

Go for the ISA, its tax free as apposed to other savings although rates arent over great at the moment. As of 6th of April the maximum deposit allowance is going up to £5100 so still be able to whack fair amount in there.

As for anything other then the ISA perhaps consider a Monthly Saver Account?
Look at about 4.5% for some of them at the moment as long as you do not make any withdrawels for the term, which is a year on most, depends which account you want

Good luck!

bbl