Monthly savings of between £700 and £1000

simonp27_2

Hi

I need an account that I can save my wife's monthly pay into, it varies between £700 and £1100.

It is being saved up and we dont need instant access.

Any ideas please?

Thanks

HappyMJ

In my opinion regular saver accounts would be a good option for 12 months. Each of you can open one and each save £250 a month into them. After 12 months when they mature you can transfer the money into an ISA or something similar and continue with another regular saver each.

To save that amount each month you should be looking to save in the name of the person who earns the least and therefore on the lower tax bracket.

opinions4u

What pension arrangements have you made?

calypso_rhapsody

First Direct allow £300 a month - but you need a FD current account (you don't have to have any regular payments in or out of that account). It pays 8% but you do have to pay £300 each month ...

May also be worth looking at the Monmouthshire regular saver (i forget its name but am sure you can find it) which allows more flexible payments each month up to a max of £12k pa). 4% as i recall ...

atush

What is the money being saved for and for how long a time frame (as you say you don't need access there is a difference between say 2 years and 7 years or more?

have both of you got pensions? If no, does your employer(s) offer a contribution? Do both of you have easy access cash savings in tax free vehicels for emergencies (such as say ISas or NSI)?

cashbackproblems

Id second the regular savers HSBC have a good one max £250 each. Id also be tempted to pay £100-200 into some funds via HL for example for long term.

Jevvers

calypso_rhapsody wrote: »

May also be worth looking at the Monmouthshire regular saver (i forget its name but am sure you can find it) which allows more flexible payments each month up to a max of £12k pa). 4% as i recall ...

Monmouthshire have just withdrawn that 4% regular saver. The new one is lower interest, 2.75% or thereabouts.

simonp27_2

Hi

Thanks for all the great feedback.

Ideally I would like to send the money to 1 or perhaps 2 accounts max.

This is just long term savings so may not need for a long time - 5 years at the earliest.

ISA allowances are taken already for both us and pensions well topped up.

The Monmouthshire option was the kind of thing I was looking for.

What do you mean by HL?

Thanks again everyone.

kidmugsy

HL is Hargreaves Lansdown, a provider of SIPPs, ISAs and other investment schemes.