Savings account suggestion?

Cerenia

Hi, this isn't usually the area I lurk in, so apologies, but I just wanted some suggestions. Me and my partner are saving for a holiday next year, but we need to find an account. Personally, I thought him opening a ISA would be better (unless you can have 2 ISAs in different banks, different tax years, then if so, i'll control it), but he's wondering if a joint would be best.

However another problem we have is his ID. He has some credit and debit cards, but no driving licence or passport, only birth certificate for now, so I would be opening, then (if possible), adding him on afterwards, once he gets his new passport.

My main question is what provider would you reccomend? Obviously, a higher interest rate would be nice, but i'm more concerned about the attitude of the bank in question (as Natwest are so rude I can't wait to be rid!), and also, ISA, or regular saving account?
Thankyou
Cerenia x

liitleblackcat

If you both pay tax then an ISA will give you a better return than almost any other form of savings account. To beat the (typical) 6% or more in an ISA, you would need at least 7.5% before tax elsewhere. Both of you can open a new ISA this tax year with any provider for up to £3,600 each - should be enough for a nice holiday. The ISA page http://www.moneysavingexpert.com/savings/best-cash-isa gives current best buys, but remember they are nearly all variable rates and the BoE base rate is likely to go down this week. If you want a fixed rate, better act soon.

Cerenia

So even if I already have an ISA (with west brom), I can open another? Thanks

debbie42

Cerenia wrote: »

So even if I already have an ISA (with west brom), I can open another?

You can open another with this year's allowance (£3600). You can transfer the old one, too, if it's not a good rate.

West Brom do have the Magic 8 (actually 7.5% currently) for regular savings up to £1000 per month, if you have any leftover cash. You can vary the amount each month. I think you're only allowed two withdrawals per year with this one.