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Joint Savings Account
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What is the best bank to open a joint savings account with? This would be for a year or more, saving �600 a month?
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I know you're asking about a joint account, but the best interest rate is Lloyds TSB regular saver - it pays 8% and is fixed for 2 years.
You can open it with �500 and the maximum you can pay in each month is �250.
If you each have an account, that will be �500 per month.
If you stop paying in, you continue to earn 8% for the rest of the 2 years. You can also make withdrawals penalty free.
The highest paying savings accounts otherwise are around the 6%. You could open such a joint account for the other �100 per month you intend saving, and any extra money you may have spare.
You need to open a current account - the Classic Plus Account - as a condition of the regular saver. This can be opened with �1 and you don't need to make any other payments into it.
You can open it with �500 and the maximum you can pay in each month is �250.
If you each have an account, that will be �500 per month.
If you stop paying in, you continue to earn 8% for the rest of the 2 years. You can also make withdrawals penalty free.
The highest paying savings accounts otherwise are around the 6%. You could open such a joint account for the other �100 per month you intend saving, and any extra money you may have spare.
You need to open a current account - the Classic Plus Account - as a condition of the regular saver. This can be opened with �1 and you don't need to make any other payments into it.
If you're happy to open an internet savings account, ICESAVE are offering 5.7% (4.6% net) interest and this can be a joint account.
However, if you are both tax payers, you could look at your saving from a different angle with both of you able to put put up to �3000 each tax year into a Mini Cash ISA which pays interest tax free. Kent Reliance are one of the most consistent performers and currently pay 5.7% interest. Once you've used up any surplus over �3000 each tax year ,you could feed this into a separate savings account.
However, if you are both tax payers, you could look at your saving from a different angle with both of you able to put put up to �3000 each tax year into a Mini Cash ISA which pays interest tax free. Kent Reliance are one of the most consistent performers and currently pay 5.7% interest. Once you've used up any surplus over �3000 each tax year ,you could feed this into a separate savings account.
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