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Top Interest Rates - Money savers

bose_2
bose_2 Posts: 4 Newbie
in Savings & investments
Can anyone please advise where im best putting 85k to get the highest return monthly. Also am i best paying off my morgage with this or putting this in a high interst account that pays monthly. Your help will be much appreciated

Comments

  • Leighthal
    Leighthal Posts: 326 Forumite
    What is the rate of your mortgage and are there any penalties for paying it off early?
    In an Acapulco hotel:
    The manager has personally passed all the water served here.:rotfl:
  • McSaver
    McSaver Posts: 609 Forumite
    Pay the mortgage, you will save thousands in interest alone and you will have more disposable income afterwards. :)

    Leave around 5K for emergencies though.
    Had £80,000 in Savings - All GONE!!! BYE BYE
    :A Single, 27, Aspie, Gooner :A
  • Jonbvn
    Jonbvn Posts: 5,562 Forumite
    Part of the Furniture 1,000 Posts
    McSaver wrote: »
    Pay the mortgage, you will save thousands in interest alone and you will have more disposable income afterwards. :)

    Leave around 5K for emergencies though.

    The above may or may not be true. It depends on your mortgage rate, ERC's and what return you could get on the 85k.

    As an example, say you have a 5% IR mortgage. It would clearly be better to save the money in a high interest savings a/c, where you can beat the 5% return. However, you must consider tax on any interest earned. This means you must look for ISA's first.
    In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:
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