Best instant access joint savings account for short term savings

dan.pool

Hi,

My Fiancee and I will be getting married in around 6-7 months time. Though we have recently set up a joint current account, which we plan to transfer money to each month, we also want to maximise our savings potential by setting up an joint instant access savings account (where the interest is calcuated monthly). We are going to need instant access because we will be transferring money back and forth as we pay for various wedding expenses.

Obviously I'm not considering any ISAs products because we'd be wasting the ISA to only have the cash there for less than 6 months, plus as the interest tends to be paid annually we'd might as well stuff the cash into a mattress.

I've found a few accounts which statisfy my criteria, namely:

• Bradford & Bingley - internet saver (2); and
• ICICI - Hi Save.

The HiSave does have the guarantee on interest rates, though it is a bank I don't know and am therefore a little uncomfortable with (though I recognise that our savings would be protected if the bank went under).

Does anyone have any other suggestions or comments on the two?

Many thanks,
~Dan

spalding

Will you be using your ISA allowance this year, if not with the expense of the weeding etc, might be worth using as its 3600 x 2 for the both of you, and it would be 6 months tax free saving.

If not I have a icici account and have been very pleased with it

Baldur

I've had Hi Save and fixed rate savings with ICICI Bank virtually since they started their UK retail offerings and have never had a problem with them - they are covered by the FSCS, up to a total of £35,000.

Obviously I'm not considering any ISAs products because we'd be wasting the ISA to only have the cash there for less than 6 months, plus as the interest tends to be paid annually we'd might as well stuff the cash into a mattress.

Icesave's Cash ISA, for example. offers the option of monthly interest, which will be tax free, unlike non-ISA accounts, so will almost certainly offer a better rate of interest than taxable accounts. ISAs cannot, however, be jointly held or opened.

dan.pool

Hi,

Thanks for your replies. With regards to ISAs and sorry for not being clearer, I should have said earlier, we intend to set up and use our cash ISAs (and other fixed term taxless products) to save for a deposit on a house, and other long term goals.

Thanks again,