Larger monthly payments and savings accounts

DeusXM

I've tried reading all the guides but at the moment I'm no closer to working out the best way forward.

My partner and I are in a fortunate position where we will be able to save quite a substantial chunk of money per month. The aim is to collate enough together to put down the deposit on a house.

We obviously want to put the cash somewhere where we can earn the maximum amount of interest. We also would not be withdrawing for at least a year, and more probably two.

Therefore I've been looking at regular saver accounts but the maximum monthly payment is quite a bit shorter than what we want to put in per month. Therefore, can anyone suggest what might be right way forward?

So far I'm thinking either:

Open multiple ISAs (is this possible?) and keep getting new ones as we fill up existing ones.

Open multiple regular savings accounts and have multiple payments going out each month from our regular joint account.

Or ideally...find a regular saver account that has a competitive interest rate AND can accept larger payments per month.

Could anyone please suggest which is the most possible option please? If possible I really want to avoid opening accounts all over the place.

Vortigern

DeusXM wrote: »

Open multiple ISAs (is this possible?) and keep getting new ones as we fill up existing ones.

No, but you and your partner can have one each this tax year, then open another one each on or after 6th April 2014

Open multiple regular savings accounts and have multiple payments going out each month from our regular joint account.

Yes, you can do that - there's a thread on best regulars savers nearby.

If possible I really want to avoid opening accounts all over the place.

Multiple current accounts seems to be the way to go these days. Nationwide's FlexDirect pays 5%, but only on £2500. Santander's 123 pays 3% on balances between £3000 and £20000. Lloyds Vantage and BoS also pay 3%