Where to save when mortgage is paid off?

nirish

pincher wrote: »

get a japanese yen ten year fixed rate mortgage

I did not see that coming .....

YorkshireBoy

nirish wrote: »

...I want to keep my current account with natoinwide!

So presumably you've already taken care of £1K of the £3K per month by going for a pair of their regular savers paying 5% AER (which I wouldn't personally call a "paltry" interest rate!)?

So you're just looking for a home for the other £2K now, at £1K each.

Duckyduck

Thrugelmir wrote: »

Cash is the only option. Anything else carries risk and the possibility of losing money.

Or alternatively carries the opportunity and possibility of a better return...the OP owns a house outright, has 3k a month available and has said they're not averse to all risk. They can afford to accept risk if they wish.

nirish

YorkshireBoy wrote: »

So presumably you've already taken care of £1K of the £3K per month by going for a pair of their regular savers paying 5% AER

I currently have one of these open, the OH uses Santander 123 as her everyday account so haven't opened a second nationwide regular saver currently.

5% is definitely not paltry, correct !!

Pincher

nirish wrote: »

I'd be very interested to hear if anyone has any ideas outside of what I'm aware of already to save approx 3k a month.

nirish wrote: »

I did not see that coming .....

This is the problem. People just say they want outside the box blue sky thinking, but they just walk away and call the men in white coats when they hear it.

nirish

Pincher wrote: »

This is the problem. People just say they want outside the box blue sky thinking, but they just walk away and call the men in white coats when they hear it.

Well I certainly didn't call the looney brigade just yet, in fact even out of pure intrigue I've been reading about this since you commented as I no idea this was even a possibility. It might be a stroke of genius but I'll need a fair bit more research before I would commit to it. Not ruling anything out on a first read though

chesky

nirish wrote: »

5% is definitely not paltry, correct !!

You do realise that you don't actually receive 5% on the whole amount you save, don't you? It works out at around 2.5% in the end.

Just opened one myself and the guy at the bank said he's always having to explain it as most people still don't realise it.

Dird

Duckyduck wrote: »

I'd be looking to invest in a few index tracker funds - both British and international. the diversity reduces the risk

Did any index tracker in the whole world not drop like 40% during the housing crash?

nirish

chesky wrote: »

You do realise that you don't actually receive 5% on the whole amount you save, don't you? It works out at around 2.5% in the end.

Depends how you view it surely. If you have a lump sum to invest then yes you get 2.5% equivalent as you drip feed it in. On the other hand if you are saving it as you earn it then you get 5% from the day it goes in and you didn't have the money before that anyway!

chesky

Regular savers are for 12 months. Only the first month's payment is in for the whole 12 months, thus gaining the full 5%. The last payment in is only there for one month, so only gaining one-twelfth of the 5%. So it kind of evens out over the whole period and almost halves.