I'm thinking of saving a grand a month for 6 - 12 months, to save up a bigger deposit for a house, but i notice most savings accounts have a cap of 500 per month. What should I do?

I'm saving 1k a month for the same purpose, after my ISA allowance is full, it goes to an account at YBS, www.ybs.co.uk with interest received monthly.

Regular Savings accounts have a cap but there's nothing to stop you opening 2 with different banks or putting the other £500 in a standard account.

I'm thinking of setting up a few regular saver accounts and drip feeding
them. Problem is - are any of the banks safe?

I'm well below the 35k at the moment, but I thought I might get 4 different accounts to split the risk up:

Halifax Reg. Save
Kaupthing Edge 6.3% AER
IceSave 6.3% AER
B.Midshires 6.33 AER


What do you think?

The doom and gloom surrounding Icelandic banks appears to have died down (I have an IceSave account with less than £500 in it, was going to use it for my primary deposit, but I don't like their online system). Four accounts can be a handful to maintain. Excluding my ISA which is maxed come each April, I settle for one regular account. Its below the FSA limit, but if a rumour were started about the bank I'm with then I wouldn't hesitate to withdraw it. I've worked too hard to see my money disappear into the abyss, whatever the Government says about how safe the money would be, you can't trust them.

I have an e-savers account with Nationwide which has no cap at all. I usually deposit £1K PCM there, with an additional £250 PCM to my Nationwide Regular Savers.

The interest rate on the e-savers is around 5.5% IIRC, but it's been incredibly consistant, in fact, it has been a firm recommendation in The Times for years. It may be worth a look if you can live with 1% less interest...

Nationwide Regular Saver = 6%. Very average for a regular saver, IMO. Their regular saver used to be competitive. Looks like it`s a case of "brand new customers only".