Savings info needed

[Greedyfly]

We are planning to put around £200 a month away for our upcoming honeymoon which will be in summer 2013. Neither of us have any savings or indeed a savings account. I was wondering what the best way would be to save this money and if it is possible in todays climate to get anything out of it whilst saving. We would ideally want the money to go into an account without access or limited access to the funds but we would need access around May/June/July 2013. We both currently bank with the CO OP and I think I shall go in and ask them also but I was wondering if anyone had any tips or has an account that they rate currently that could help us on our way.

Thanks Guys

[boxtops]

I'd put it in a cash ISA myself - the rate's not brilliant, but you can get hold of the money straight away if you should need it - but there are ISAs or bonds with one-year validity where you can't get at the money at all until the end of the year. The advantage of an ISA is that any interest is tax free, you can each put in around £5600 p.a. without paying any tax at all.

[The-HouseHusband]

If you are only looking at a short term savings plan then you are definitely best off with an "instant access cash ISA". They will pay you the best available interest out of the awful rates that are around, however all your interest is tax free so you don't lose to the tax man and with an instant access ISA you wont be charged a penalty fee for withdrawing the money before a certain date (fee is usually two or three times the interest earned!!)

[Greedyfly]

Thanks guys - I had thought maybe that was the best way but I haven't any real savings experience so wanted to check =)

[craft1948]

I had a cash ISA and the rate was rubbish, it was even worse than my Tesco on-line saver.

[grasscarp]

Or you could put £200 a month into premium bonds and possibly win some money along the way which is of course tax free. Very easy to get money out when the time comes.

[mrs_overall]

Go on the comparisons sites to find the best ISA rates