Joint vs Individual savings account

prog324

Evening all,

Me and my girlfriend have been looking to move out from our parents houses for a while now. We've viewed flats but have found (after number-crunching) that after rent, money would be too tight for us to 'live' so we have decided we are going to purchase a house instead.

We have looked at getting a mortgage and have found that we can be accepted for a £120,000 mortgage but will need ti be coupled with a big deposit. We have set a dead line of June 2014 to save as much as possible (around £30,000).

So, we want to make the most out of our money. Is a joint savings account better then two individual savings account? And which bank or building society provides the best savings product?

Looking forward to reading your responses.

innovate

Check out the Lloyds / BoS Vantage and Santander 123 current account threads. Keep an eye on instant access ISA rates coming out during March/April, just in case they are any better than the current accounts (after tax).

Sparky47

As above, start with an ISA each as the interest is tax free.
With non ISA accounts a joint account can be useful if one of you is a non taxpayer, as you only pay tax on half the interest.

Check out the savings tab at the top of the page for the best accounts.