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  • FIRST POST
    • Cat7476
    • By Cat7476 18th Mar 17, 2:25 PM
    • 1Posts
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    Cat7476
    Mortgage Free - What Next?
    • #1
    • 18th Mar 17, 2:25 PM
    Mortgage Free - What Next? 18th Mar 17 at 2:25 PM
    I'm new to this forum so please be nice to me :-)

    We paid off our mortgage early (6 months ago) with overpayments and now have a spare £400 per month as a result. Where is the best place to save this money or what is the best thing to do with it? At the moment we would like it to be easily accessible but we are only 40 years old and want to make the best of our money.

    Martin Lewis suggested a Tesco Bank Account a month ago with great interest but Tesco's stopped that before we had a chance to join.
Page 1
    • Alice Holt
    • By Alice Holt 18th Mar 17, 2:37 PM
    • 818 Posts
    • 807 Thanks
    Alice Holt
    • #2
    • 18th Mar 17, 2:37 PM
    • #2
    • 18th Mar 17, 2:37 PM
    Regular Savers?
    http://www.moneysavingexpert.com/savings/best-regular-savings-accounts

    But also consider increasing pension contributions (once you have an emergency fund).
    Start by reviewing current pension provision and projections.
    Could you get additional employer contributions if you contributed more?
    • chockydavid1983
    • By chockydavid1983 18th Mar 17, 3:23 PM
    • 312 Posts
    • 166 Thanks
    chockydavid1983
    • #3
    • 18th Mar 17, 3:23 PM
    • #3
    • 18th Mar 17, 3:23 PM
    Congratulations on being mortgage free!
    To offer an opinion, people will need more information.

    Do you have an emergency fund of say 3-6 months expenses?
    Do you have any other upcoming big expenses?
    What pension provision do you currently have?

    It will probably end up being a combination of current accounts, regular savers, S&S ISA and pension.
    • ColdIron
    • By ColdIron 18th Mar 17, 4:04 PM
    • 2,901 Posts
    • 3,284 Thanks
    ColdIron
    • #4
    • 18th Mar 17, 4:04 PM
    • #4
    • 18th Mar 17, 4:04 PM
    Nationwide will give you 5% on up to £2,500 with their FlexDirect current account for a year, this also gives you access to their 5% Regular Saver

    Do either of you pay 40% tax? If so I'd look harder at the pension
    • jimjames
    • By jimjames 18th Mar 17, 5:20 PM
    • 11,487 Posts
    • 9,693 Thanks
    jimjames
    • #5
    • 18th Mar 17, 5:20 PM
    • #5
    • 18th Mar 17, 5:20 PM
    If you already have emergency funds which presumably you must do if you've been overpaying then investments would be the next logical step either in pension or S&S ISA.
    What savings do you have already? If you're looking at Tesco, which other accounts have you already filled?
    Remember the saying: if it looks too good to be true it almost certainly is.
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