Brun

Me and the missus are wanting to set up a joint savings account to throw money in for a house.
Apparently ISA's are for 1 person only so are no good. Any advice for where to go for a good deal on a joint saving account?

Fuzz

Errm.. how about an ISA each and then amalgamate the two when you are ready to buy


Has anyone actually got a savings account these days.

Brun

Don't ask - joint account is what we want

Petem95

2 mini-cash ISA's obviously - 5% return then, and no tax on the interest!

Rest of the cash into B&B 4.85% AER online saver - about the best rate about, excluding introductory rates and accounts where you get charged to withdraw.

girl-in-a-scoob

Hi. Try these links ....

http://www.moneysupermarket.com/savings/

http://personalfinance.iii.co.uk/savings/

TBH though.. the suggestion of an ISA each and then amalgamating them was a good one.

Claire

Fuzz

Do you mean "A joint account is what SHE wants"




Andy

hades

Definitely most tax efficient to get a cash ISA each every tax year, as you'll each get £3k tax free each FY. I don't believe it's possible to have a "joint account ISA" which benefits from both your tax-free allowances. The tax benefits are useful - simple approximations 5% of £3k /year gives £150 of interest / year - if you're a higher rate tax payer, that's £60 of tax saved per year for each ISA you have.

Any money over and above that, you'll probably get a little under 5% on the best online saver type accounts (which you can set up as joint accounts), watch out for ones that penalise you when you withdraw the cash, and note that there tends to be a difference in rates between those that pay interest monthly and those that pay annually. And be prepared to be stung for tax on the interest

hades

Yep - someone has to put the money into the bank so that they have some to lend to you

Brun

Thanks for the input everybody. A rethink is required me thinks. Separate ISA's look the way to go
Any recomendations? Not keen doing the online thing as i want to speak face to face with someone.
In Wetherby we have - Skipton Building Society and Leeds Building Society.

Brun

.............just had a thought - i guess banks do ISA's too???
Jeeeeez i'm good with money

Brun

Oooooooo they do - the power of google