Where to save...?

Stewboy1978

I am looking to save approx 4k per year for 15 years to pay off my interest only mortgage....What account would be best for this?

Cheers

SAP_Saver

ISA for the first £3k and the other £1k in the current best online saver/notice bond is the easy option...

dunstonh

Ok. You want to save in savings accounts and probably get less in interest than the interest are paying on the mortgage?

Unless you are looking at short term deals or willing to use investments rather than savings, what you are doing doesn't make a lot of sense.

philippahunt

Hi everyone, I hope I'm on the right thread here, so be patient if not, I'm a MSE Virgin!

Was reading the article about the savings fountain, then found this thread relating to paying off the mortgage. I'm not very clued up at all re savings and don't have a regular savings account. Instead we choose to pay an extra £100 per month into our capital repayment mortgage, which will hopefully save a projected £18k in interest and reduce the term by 4 years.
As we can afford to release more we hope to increase this overpayment to reduce it further.
Maybe I am just being dim, but surely this is a much more efficient way to save money than sticking it in various tessas and isas? Or am I missing the point?