Had a mortgage too long - it's going, going, gone!

hiddenshadow

Ali-OK wrote: »

OP was quite small at £138.07 and am behind on my MFW16 £12991 target for the year at £5,650, but the savings are earning more in interest.

Can always count the savings against the mortgage if you're only avoiding OPing them for the extra interest.

Ali-OK

Yes, my view is I can always pay a lump out of the savings at some point. But there are big expense questions for the next few years:

- Will I build the extension
- Will DS go to Uni or get an apprenticeship after A levels
- What help will DS need for funding driving lessons and potentially a car and insurance :eek:
- When will ex stop paying DS maintenance (a total unknown, rules mean nothing to him!)

So I'm keen to keep instant access to savings that are earning decent rates.

Currently got:
- £5k at 4% (Club Floyds)
- £2k at 5% (T$B)
- £3k at 3% (T3sco)
- £250 p/m into 5% T$B Reg Saver - currently at £2k, 4 months left to run and will need a new home for that.

Have applied to transfer my Everyday Current Acct at the Spanish Bank into a 123. That'll involve moving all the bill DDs to cover the fee and profit from the cashback. Gives me scope to save without needing yet another new account for a while!

As long as I OP a minimum of £108 p/month I'm happy - that's keeping payments in line with previous higher interest rate amount and takes 17 months off the end date to April 26. Once past DS's higher education, it should all become much clearer

Ali-OK

Mega money shuffle today as the 123 account conversion confirmed - enough moved from other accounts to get the 3% interest and all bar 1 bill has updated bank details for the cashback.

Now to keep track to make sure it all works as it should....

First hiccup is architect bill is in...that can wait until half the T$B £500 has winged its way back to the Club account later this week

I may end up moving everything to 123 and having it as my main current account if it proves awkward having 2.

Full of cold and feeling rough - given myself a day off of work and sorted the finances instead.

hiddenshadow

Hope your cold gets better soon!

Ali-OK

hiddenshadow wrote: »

Hope your cold gets better soon!

Thanks It's totally un-MSE as I now need to go and buy more tissues and Olbas oil from Sburys! I've become such a Scrooge! :rotfl:

debtfreeoneday

Wishing you better soon x

A_Frayed_Knot

Hope you're feeling better soon. Hate to say but I do miss the spanish bank - best internet banking site I've used, but wasn't paying them for the privilege.

beanielou

Hope you are on the mend soon.

Ali-OK

Thanks all - my nose is welcoming the extravagant spend on Balsam tissues - they were on offer though

I really like the Ll0yds and TSB websites (latter is a clone) over the Spanish Bank - does make me wonder how we managed before internet banking! Terrifying moving £000s and hoping I'd got account numbers/sort codes right..thankfully Faster Payments meant I was only anxious for a short while!

New bit of budget spreadsheet set up to separate out the 2 accounts incomings/outgoings - just need to set up some auto-calcs for future months. All getting a bit complicated

BPM day tomorrow - that's Bank Paying Me (interest) :j

A_Frayed_Knot

Balsam tissues - heaven, and did you know - you can also get olbus tissues, mind not to use them though, when you don't have a cold.

Has anyone ever came across a bank account that doesn't accept faster payment transfers, other than mortgage accounts.

:rotfl: BPM day tomorrow - that's Bank Paying Me (interest) :j Love it :rotfl: