joint savings account

dagenhambird

hi

I already have an isa and want to open a joint savings account to save for a mortgage. we are looking to save at least 1k per month, what is the best account for us

cloud_dog

dagenhambird wrote: »

hi

I already have an isa and want to open a joint savings account to save for a mortgage. we are looking to save at least 1k per month, what is the best account for us

Depending on when you need access to the money you may be better off opening a couple of regular saver accounts as they tend to offer better rates.

Most have a maximum of about £250 per month but it does vary so have a look. This way you can each have an account with each provider in your own name and make up the £1000, i.e. 4 x £250pm.

HSBC and First Direct do a good one, 8%, but you must have accounts with them.

Alternatively you could each go for an ISA account (2 x £500pm).

A lot depends on other factors...... time, does it need to be joint, if you've already used your ISA subscription etc, etc.

calypso_rhapsody

I agree regular savers in your individual names looks to be the most likly best option. There are some good threads on this forum about the potential disadvantages of joint accounts if you are not already financially linked.

But do remember to keep an eye on rates especially at anniversaries of accounts and to use your ISA allowances each year to shelter interest from tax.

Thrugelmir

Both the Halifax and Nationwide offer saving schemes to First Time Buyers.