Where to save?

beachlou

Hi,

This my first thread on this part of the forum-hoping someone can help me.

My OH and I are currently saving for our wedding and travelling round the world after. For the past yr, we have put our money in a regular saver, which expires in July. Our wedding is in August next yr and will need to access that money, so another RS is not an option.

After interest, we should have around £2700 from the RS. We were planning on putting this money into our ISA. We want to continue saving, and from September we are looking to save around £1500 a month-where is the best place to put this money? We will have to dip into a little to pay for the wedding, but the majority will be left in there until we go travelling in Jan 2009

Thanks-any help would be appreciated

CLAPTON

you can only put 3k per year each in a cash ISA so that leaves 21k to find a home for ...

i see no reason why you can't save in regular savings as long as they provide instant access... consider Yorkshire BS they allow 500 per month at 7% with instant access and nationwide allows 250 per month at 6.5% again with instant access.

agal

CLAPTON wrote: »

you can only put 3k per year each in a cash ISA so that leaves 21k to find a home for ...

I think the OP has 2,700 not 27,000

beachlou

Yes, I only have £2,700 so far. Thanks for the advice though. I was also wondering if it's possible to close one ISA and open another one? I currently have one with HSBC, but it doesn't pay the best interest.

Quietgirl

Don't close the isa or you'll lose that allowance. Transfer into a good paying isa that allows transfers in. For instance yorkshire bs e-lsa is a reasonable rate as is there regular saver. If i were you i would open yorkshire bs e-isa transfer £2700 into it. Max it with £300. Then i would open their internet saver put you monthly savings into that and then drip feed £500 into the regular saver each month. All can be done manually online.

Quietgirl

Meant to add get your oh to open an isa too.