Pension/savings/mortgage assistance

mikeywills

I am not sure where I should post this, as it crosses several areas, so forgive me if its in the wrong location.

At present I have an offset mortgage, and 3 savings accounts one of which is my pension fund, one is a rainy day fund, and the third is a fund for my daughter when she goes to college where you put our family allowance.

At present we have a mortage for 100K approx, a renovating fund for the house, of 19.5K, 6.5K in my pension fund, and about £600 in my daughters fund. These are obviously not paying tax due to them being part of my offset mortgage, but are also not earning any interest.

The crux of the question is am I making the most of the money, I need easy access to the renovating fund which will dwindle to nothing within the next twelve months so cannot see any benefits moving that, but could I be getting better returns on the other two sets of savings, as both are long term options.

If it helps, our two mortgage rates are 5.89% for £36,000 and 4.89 for the remainder. I am presently 33, would like to retire before I am 60(wouldn't we all), put £250 into my pension fund each month and £70 into daughters fund.

Advise/recommendations would be much appreciated as I have never wanted a set pension, without control