Mortgage Free in Three Yrs

amazamum

Thanks for the advice,I will take a look at those 2 accounts and see what I think,there are all sorts of ideas what to do with the money going round in my head at the moment,I just want to do the best thing.
ali007,no adoptions I am afraid lol
Amazamum:T

ailuro2

Amazamum - lucky you!

I always say to anyone else who has a wonderful windfall like this - treat yourself to a little something to remind you of your parent's generosity - whether it's a little money plant or a tree for the garden it will remind you every day of what lovely parents you have.;)

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#guarantee

a fixed term savings account will give you more interest than an instant access, most times, anyway. Kaupthing are currently 7.1%

however, that's 7.1% before tax, so you need to go to this page and use the calculator...
http://www.moneysavingexpert.com/mortgages/mortgages-vs-savings#calculator

amazamum

Thanks for the good ideas.
I have been working out that if I put the money into the account that offsets the mortgage I will save 823.50 pounds a year in interest or 68.63 per month and putting this into a mortgage calculator it will be paid off in about 4 and a half years.:j
I will have a look around for the best isa and will probably put the maximums into these,will I be best to wait until the end of the tax year to put it in and in the mean time keep it in the offset accounts?.
Is that right I don't pay tax on the offset account,if so it won't make a difference if I pay it into my account or the kids(don't pay tax Im assuming).
Thanks everyone Amazamum

1274

Not sure if TG's planning a June update - but since I've met my original target I thought I'd post my figures in my sig! My minichallenge to pay £1000 off the capital each month is going well so I'm extending this for another 3 months but my holiday spending will probably mean I don't make it!

ailuro2

TallGirl wrote: »

Please note next update will be done by mid July so get your figures to me by then if you want to feature next time.

1274 - you still have time to update again befire then, remember to PM Tallgirl your results.;)

Well done for hitting your original target.:D

angelavdavis

amazamum wrote: »

Is that right I don't pay tax on the offset account,if so it won't make a difference if I pay it into my account or the kids(don't pay tax Im assuming).
Thanks everyone Amazamum

No, this is why offsets are such good news if you are a tax-payer. For me, as a higher tax payer, it was a much better option than putting into a savings account as I would need to earn 8%+ before tax to gain a similar benefit.

amazamum

I have been looking at the halifax account that offers 10%gross pa,or 8% net pa,does anybody know about this account,how much can I put into it for the year and what kind of tax would I pay.
Thanks

TallGirl

Morning
Just to let you know that we usually do an update every 3 months so the next one is due after 30th June so please PM me and I will post the chart around the 14th July.

Desperate_Housewife_2-2

amazamum wrote: »

I have been looking at the halifax account that offers 10%gross pa,or 8% net pa,does anybody know about this account,how much can I put into it for the year and what kind of tax would I pay.
Thanks

You should find out all you need to know on here http://forums.moneysavingexpert.com/showthread.html?t=942779, any other info look on Halifax website as it was only launched yesterday (I think) I have opened one and will move some of my stoozepot money in there to maximize interest.

borntobefree

amazamum wrote: »

I have been looking at the halifax account that offers 10%gross pa,or 8% net pa,does anybody know about this account,how much can I put into it for the year and what kind of tax would I pay.
Thanks

I read about this in the Sunday Times. I seem to remember that you didn't need a current a/c, you could deposit between £100 (might have been £200) and £500 per month. Also, If you have £5000 saved with them you could get 12%.