Savings advice

    Well there comes a time in everyones life when they realise that you have to start saving for a house! And for me it's gone way past that :s Me and my girlfriend want to open up a joint savings account together. Any advice on what would give us the best return for our hard earned cash?

    Thanks in advance,



    have 2 SEPARATE accounts and put the same amount into both each month - if you need to withdraw - do the same in reverse. That way IF anything happens down the line its easier to sort. Unless you get married then I dont think it matters.
    Lady at Nationwide the other day said you can use an ISA for regular savings and then its tax free but the best advice I can give you is speak to a professional

    try [url][/url]

    lots of interesting stuff on there

    Original Poster

    Thanks to both of you. I'll take a look at that website now : )

    Open an Alliance and Leicester eSaver account for £20 quidco!

    Personally I found that saving was too slow and I was missing out. Recommend a loan for the deposit if your financially stable...

    Original Poster

    Some great advice, I'll look into any suggestions :thumbsup: Rep to all for being nice and helping me

    Set up a standing order into a cash ISA each - that way you can each save £3600 per tax year and not pay tax on the interest. I think if you set up a regular payment, you almost view it as a necessary outgoing and don't feel tempted not to save the money one month. Rather than have a joint account - agree to keep the savings books/statements together and then you can both see what is going on but neither of you can clear ALL of the money out if you're a bit short one month! (married 30 years in August - and it's a system that has worked for us!)

    A few things for your consideration

    -Get rid of any debt you currently have at higher interest rates before saving
    -Once youve done the above, max out each of your cash ISAs
    -Once youve done the above, if you really believe you have a future with your partner, consider who has a lower tax rate and open an account in that persons name and deposit the amount in that account
    -If you have over 35,000 in savings consider opening separate accounts with different institutions to ensure that the compensation scheme covers you up to 31,000 in case the institution where you have your money blows up

    You may be given more attractive options but given the current market conditions a savings account / money market instruments is where you want to be although probably in swiss francs and to a lesser extent in euros but that starts getting too complicated for most

    Hope the above helps

    Original Poster

    Thanks to both of you, that's the kind of impression I got off of I'm going to take your advice and get us to open up separate ISA's each and do a standing order each month. Thanks to all for your help. One quick question to Forsaken, I noticed the advice form and yourself about clearing all debt's before I/we start saving, I must confess I do have outstanding bank loan for a car that I purchased and a balance on a credit card but I have Interest free on that for 8+ months, but if I have an outstanding after my 8+ months I'll get a new one and transfer the balance for 1.5 / 2 % charge to get interest free again. So would you still advise to clear debt's first? Rep added to the two last people for helping :thumbsup:

    Take advantage of the 0% rate and when time comes to roll the debt over calculate the after tax gain that you would have by putting it into a savings account and compare it to the % that youre paying on the loan. Often the % that youre paying on the loan is twice the amount of the net interest hence the suggestion to clear any debt first and foremost.

    In the case described above, youre going to be better off transfering the balance for a small one time fee unless of course interest rates drop like a rock

    Original Poster

    Cheers for that Forsaken :thumbsup:

    Generally speaking, Online savings accounts usually offers the best interest rates. Go here for the Best Buy ]Internet Savings Accounts. :thumbsup:

    Also consider ]Fixed Rate Savings - Short Term (as they are offering a slightly better rate than longer ones).
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