Maximising our savings - help please

toby_puppy

Just wonder if anyone can advise please:

Saving £200 a month for our wedding, will not be touching the money for at least 12 months. Currently in a Halifax account paying 0.05% gross interest, paid net.

We have household savings of £500 (rainy day money) which we intend to add more to, that's in a Halifax account paying 1.7% gross, paid net.

I have a cash ISA with the Halifax (for my own personal money). It had £500 in it but I just added another £200 to it this morning. So presumably I can't open another cash ISA anywhere now that I've added money into this one. I initially thought about leaving £500 in that and then opening a new cash isa account for 2013-14 somewhere else to put our wedding money in, but I think I've messed that idea up now by adding money to the 2012-13 one this morning. It says that it's paying 3% gross on the screen, so I assume this rate continues, even though we are in a new tax year? The new ISA's with Halifax only show around 1.75% gross.

So, I'm trying to maximise interest on our savings, but not sure what's best - they do need to be kept as separate accounts really so we can see what we have for different things.

marathonic

Try opening a First Direct account using the following link:

http://www.moneysavingexpert.com/banking/compare-best-bank-accounts#firstdirect

If you transfer in at least £1,000 a month and switch at least two direct debits and/or standing orders, you get a £125 bonus paid into your account.

Then open one of their regular savers at 6% interest (4.8% after basic rate tax). This allows deposits of up to £300 monthly. Try your best to stretch to this amount, even if it means withdrawing money from your ISA on months when your short. By doing this, you'll have £3,693 saved by this time next year - and the £125 bonus.

As far as I'm aware, you should be able to open one of these each. Maybe apply for one this week and one next week - they may see you as potentially unprofitable customers who are only joining to avail of the rate otherwise (and that might just be me being paranoid).