dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Ive copied this from MSE forum
I have £3300 thats currently wallowing in a Barclays account at 0.83%, the girlfriend is in exact same position, but has £2400. We could just about afford £400 a month to save into it I think, so is it best to have a joint ISA and make the full use of £5100, or have 2 separate ISAs and save our own bit a month? Its going towards the wedding / house deposit.
Going on the information from the Saving section of the website, we want an ISA that is always accessible (in case we need a new car or something) and that can be managed online, cant be bothered with phone or post.
The calculator thing says 'for a Regular Saver to beat the Cash ISA it must get xx%', which the Barclays one for 4.25% does. So my question is, should I stick to the old rule of 'always fill the ISA up first' or just plump for the Reg Saver?
And what do we do with the money sitting in ISAs at the minute?
Cheers
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Cosmo
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Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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Do you need instant access to it all? Or could you put part of it in a longer access account giving more interest and then the rest in an instant access one, then pay a bit in to each?
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Ive already got £6k in a 5 year fixed bond which matures in 2 years so dont really want to tie any more up
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Cosmo
Member
Registered: 29th Mar 01
Location: Im the real one!
User status: Offline
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May be not for that long, but when are you looking to move/marry? As 12 months could be an option?
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dannymccann
Member
Registered: 9th Aug 06
Location: Doddington, Lincolnshire
User status: Offline
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Moving : dont know really, 3 - 5 years depends on deposit requirements / mortgage availability / wages etc
Marrying : hopefully this year, weve got enough money right now to cover it tomorrow
Im concerned if we are saving though I want that money available for an emergency - if we needed a new car for example theres no point taking out a loan at 10 / 20% when weve got savings that can always be built back up (I dont do short term debt, mortgage is kind of unavoidable)
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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Whats the problem with having an ISA thats managed over the phone?
Most only pay out in April so you'd rarely need to contact them.
I've got a fixed M&S ISA at the moment. If you withdraw before the fixed period is up you'll get interest up to the end of the previous month iirc but the money can come out immediately.
I've got a good rate with them, but took it out in March 08 so before all this credit crunch stuff. Phone only, but thats not a problem for how little I speak to them.
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