Oh I get so confused

Loud_3

Hello all, sorry but I'm not financially minded and wanted to ask a simple question.

I've been out of work for a while and that ate away at my savings but I'm back in work again now, albeit on almost £10k less than I was used too (17k now) :mad: There's myself, my partner Sarah who doesn't work right now, our 4 yr old Daisy and Holly who's due in November (:j). Currently were on an interest only mortgage and will have to find £60k in a few years but when my wage goes up 1.5k in a few months I intend to put that to the mortgage. Anyway enough of the life story, what I'm after is someone to tell me where to transfer 3k I have in an Egg ISA. Eggs rates seem pretty poor and although it's not a vast amount it is something I'd like to add teeny bits to now and then.

I have looked around but just get so confused If anyone can help that'd be great if not then no worries and sorry if this is in the wrong place:o

Thanks in advance

Carl

KingL

Hello and welcome to MSE

The main decision for you is whether you want to lock it up at a fixed rate for 1, 2, 3, years etc. It comes down to what you think interest rates will do over the coming years. You'll get better rates if you transfer into a fixed rate for a year or two, but you won't be able to pay more money into it (although there's nothing to stop you opening a second, variable rate one and paying new money into that [assuming you haven't put any cash into your existing one since April 6th this year]).

Maybe best to go for a variable rate with a bonus that is guaranteed for a year. Best of both worlds and you can move it again when the bonus runs out. Just make sure you use the transfer process - don't just close the old one.

Also, think about whether you are happy to manage it online or if you want to do via branch or phone.

Then look at kazzaas list here and take your pick

see kazzaas list.

climberup

Does you mortgage provider allow you to pay off capital as you go along? If so, that £3K might be best invested in paying off £3K of the mortgage.