Saving Account Required at 9.4% plus

MoneySaver1979

Hi Forum Members,

I currently have a post here: http://forums.moneysavingexpert.com/showthread.html?t=1496959

I am looking at the Savings v Paying off Mortgage article. Before I take the plunge and put the £12,000 into my mortgage I was wondering if anyone is aware of an account that pays more than 9.4% or is aware of a method where I can save at this percentage. I have read the best savings guide and the best rate there seems to be is 4%. Any advice would be greatly appreciated.

Thanks in advance,
MoneySaver1979

tom188

Not without significant risk to your capital. You are looking for BOE + 8.4%, you aint going to get that from a bank.

FoxtonsRIP

MoneySaver1979 wrote: »

I am looking at the Savings v Paying off Mortgage article. Before I take the plunge and put the £12,000 into my mortgage I was wondering if anyone is aware of an account that pays more than 9.4%

Yep, Stanford International Bank has one I think

jay3_2

No-one will offer a cash savings account at that rate!

You could look at a Corporate Bond fund, but to get close to a 9.4% yield, you'd be at the very risky end of the market.

Depending upon your age, the only other thought I had was to put your 12k into a SIPP. The government then adds another 20%, and if you are a higher rate taxpayer, have earned enough this tax year, and have paid enough tax at 40%, you can also claim an additional 20% via next year's tax return. Then, at age 50 (55 from next year), you can take 25% of your SIPP as a tax-free lump sum, and the remainder via an annuity.

Overall, I'd put it into your mortgage if I were you!

[Deleted User]

:rotfl: :rotfl: :rotfl:

just find a good ponzi scheme ala madof or stamford

Rafter

MS,

As others have said, no way you should be able to get a rate like that unless it is a fraud or super high risk!

Before putting it in your mortgage you need to think about set-off though.

If your mortgage co. got in trouble, you wouldn't be able to get at your savings, even if they were in an offset arrangement, although the law may change on this.

So always worth keeping a rainy day fund of between 3-6 months of outgoings in case of emergencies (losing job, being hospitalised etc).

Particularly because offset savings or paying off your mortgage is tax efficient, it is usually a lot better to do this than keep large amounts of both savings and borrowings at the same time.

You have to remember that your savings are just funding other peoples mortgages and loans in any case!!!

R.

moggylover

FoxtonsRIP wrote: »

Yep, Stanford International Bank has one I think

naughty, naughty!:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: