Shared Savings account

Stuartstanworth

Hi all,

i am writing to see what people suggest,

My girlfriend and i want to create a joint Account and put in £200 - £500 each a month into it to save for a couple of years to eventually invest and put towards our frst property.

what would you suggest and why?

i have done a little reading into it and i will probably start of by putting £500 each into it and it wont reach over the £10,000 mark until after a year.

Also it was some time ago but i watched Money saving expert on TV and i remember a thing on certain accounts where you gain rewards for depositing money each month into an account and somebody had set up several accounts and the several direct debits and reaped the benefits by moving money around each month. Are there posts about this i can read up on and get more information?
*****EDIT****
This is Stoozing im reffering and it was Credit Card Related just had a little bit more of a search for it.

Thank you

(also does anybody know how to change my username?)

Kim_13

Why not each open a Help to Buy ISA? You could do this in a few months once you have £1,200 saved each (maximum in first month.) It's limited to £200 per month after that but attracts a government bonus each.

Why not open up a Tesco Current account (or 2) each? This pays 3% on up to 3k but if you have a joint, it will still only pay interest on 3k and counts towards the max 2 accounts per person - so by separating them, you can have 4 accounts between you rather than 2 joints or 1 joint and 2 separates. There is no funding requirement so you can just pop in however much you can manage after the ISA each.

Stuartstanworth

Kim_13 wrote: »

Why not each open a Help to Buy ISA? You could do this in a few months once you have £1,200 saved each (maximum in first month.) It's limited to £200 per month after that but attracts a government bonus each.

Why not open up a Tesco Current account (or 2) each? This pays 3% on up to 3k but if you have a joint, it will still only pay interest on 3k and counts towards the max 2 accounts per person - so by separating them, you can have 4 accounts between you rather than 2 joints or 1 joint and 2 separates. There is no funding requirement so you can just pop in however much you can manage after the ISA each.

So this would be good up untill i reach 3K in each. Then i could look to swap.

I will look into the Help to Buy ISA shortly...

thanksfor your reply i will look into it.

Kim_13

You could simply leave the money there to earn interest and open more accounts (though don't do this close to mortgage time as they do involve a credit search.) Another account you could utilise is the Nationwide FlexClusive Regular Saver which takes £500 per month at 5% (doesn't have to be all at once and withdrawals can be replaced.) It lasts for a year though if still offered it may be possible to start a new one at the end of the term. The easiest way to access this is via the FlexDirect account, which will pay 5% for a year on £2,500 (so you might want to keep that until you have saved up 2.5k to get the max benefit from the FlexDirect. After a year, the FlexDirect interest is reduced to 1%.

Note a £1k per month funding requirement on the FlexDirect, though you can simply move the money to an external account and move it straight back in again.

TSB also offers the Classic Plus and a Regular Saver which are similar, but Tesco is the easiest interest paying account as you can have 2 and there is no funding requirement.

Depends on what account(s) you already have.