Best joint account for newly wed home savers?

dgerrard

Hi All,

My new wife and I have always had the sneaking suspicion that we are somehow missing out on £1000s of pounds by having our savings in the wrong place.

We're currently saving for a home, likely to buy within the next two years.

Current finances

Joint household income: £83000 per annum
Current monthly expenses: £2240
Monthly "leftovers" after pension, taxes, etc: £2849.79

Savings

£11572 in a Club Lloyds current account
£800 in a Club Lloyds Monthly Saver (maxing out each month)
£1200 in a Co-op current account
£5445.50 in a Help to Buy ISA (maxing out each month)
£5041.50 in another Help to Buy ISA (maxing out each month)

We want to open a joint account or other type of savings, to maximize return on the £11572 and £1200 combined, and paying in around 1500 / month after that. We will be needing to take out a significant portion of that for a home deposit when we buy our first home, and that could be anywhere between two months time and two years time.

Any advice on our best options? I've looked on uSwitch and just got confused. I don't want to pay any monthly fees, never go into overdraft. Thank you for any assistance.

xylophone

You might want to look at a Santander 123 with cash back and interest on up to £20,000.

http://www.santander.co.uk/uk/current-accounts/123-current-account

You might want to open a Nationwide Flexdirect each and a joint and a Flexclusive monthly saver each.

https://www.nationwide.co.uk/products/current-accounts/flexdirect/features-and-benefits

The monthly "input" can be cycled/in out through you external accounts as required.