Really basic advice needed on savings please.

ohdearwhat

Hi,
I am very green on all things money saving and am embarrassed to say we have had the money for our extension £85000 in our current account for the last 6 months, I know not good. But now I want to be less daft and have come on here, I have just opened three santander current accounts ( one each for me and my husband and one joint) which I plan to put £20000 in each and arrange some transfers of money to get the 3% interest. We are both lucky enough to earn enough to be in the group that pays higher rate tax so I think that reduces it down a bit. That leaves me with £25000, we have both had isa accounts for years that have £50 paid in each month. Can I open another isa even though we both have one each already that we pay into. We are looking to have the extension in around 6 months so will need access to the money gradually. Any ideas greatly received.
Thanks

JohnRo

http://www.bankaccountsavings.co.uk/

It's not immediately obvious but drag the amount in the circle to where your amount tallies.

Archi_Bald

ohdearwhat wrote: »

Can I open another isa even though we both have one each already that we pay into.

You can open as many ISAs as you like but you can only pay into 1 in the same financial year.

You might find some other current accounts of interest as they all pay better interest than the 123: http://www.bankaccountsavings.co.uk/

Whether it's worth the effort for just 6 months is a different question because in some cases it could cost you if you aren't completely on top of how the accounts work.

ohdearwhat

Thanks for the great advice, I'm on it! cheers

AndyPK

I wouldn't put the remainder in an ISA.

3 Bank of Scotland classic? vantage accounts £5Kx3=£15K

I think tesco would be worth a look next

kidmugsy

Once you've got the extension all sorted out, you might like to consider contributing more to pensions to let you avoid some of that 40% tax.