We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Overpay on Mortgage or save money for deposit on next house ...

2»

Comments

  • a51_ufo
    a51_ufo Posts: 96 Forumite
    Part of the Furniture 10 Posts
    You have missed the boat on the First Direct 8% Regular Saver - which is what 6.4% gross but thanks for making me feel like a fool.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    a51_ufo wrote: »
    You have missed the boat on the First Direct 8% Regular Saver - which is what 6.4% gross but thanks for making me feel like a fool.
    And anyway this only allowed a max of £300 per month. The OP has around £1000 per month....
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    a51_ufo wrote: »
    You have missed the boat on the First Direct 8% Regular Saver - which is what 6.4% gross but thanks for making me feel like a fool.

    You only earn 6.4% on the first months contribution. As that's the only money that sits in the account for the full year.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Thrugelmir wrote: »
    You only earn 6.4% on the first months contribution. As that's the only money that sits in the account for the full year.
    You earn 6.4% net APR on all the money.
    Yes, you only earn interest on the money that is in the account at the time.
    Given that the OP is talking about making monthly overpayments I presume that they only have the money each month. Which means a regular saver like this would be ideal.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.9K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.1K Spending & Discounts
  • 244.9K Work, Benefits & Business
  • 600.5K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.
Update Your Picture