what is best a savings account or ISA??

starbabe78

:hello: i am pretty new to this and was just wanting to no if somebody could give me some advice, i've recently just getting myself back on my feet after years of not knowing where the next penny was coming from and always worrying about money and christmas for the kids i don't want to be in that situation again and would like to start saving starting from january mainly for our wedding but also for christmas and holidays, my partner and i have worked out all our outgoings and have a surplus of £500 pm which we would like to save but where is best to save it a savings account or an ISA as we would probably's be taking money out near christmas time.

any advice would be much appreciated.

CLAPTON

if you are tax payers then two (one each) instant access ISAs paying a decent rate would probably be suitable

starbabe78

thanks for the reply Clapton, my partner works but i don't so would you still suggest opening two accounts?

CLAPTON

well the cash ISA limit for this year is 5340 so only one would be OK for this year but if you continue to save 500pm you may (dpending upon any changes next year) exceed the limit.
and bear in mind an ISA can only be in one name