Mortgage balance savings

SA_Gunner

Hi

We've just completed on our house and are in rented for a few months until our new build is ready. We've got the balance on our mortgage to save until we complete on the new house.

Does anyone have any experience of RCI's Freedom account? Seems decent at 1.1%. We'll need to access it instantly.

Any tips appreciated!

Thank you

badger09

SA_Gunner wrote: »

Hi

We've just completed on our house and are in rented for a few months until our new build is ready. We've got the balance on our mortgage to save until we complete on the new house.

Does anyone have any experience of RCI's Freedom account? Seems decent at 1.1%. We'll need to access it instantly.

Any tips appreciated!

Thank you

Depends on how much risk you are happy to take. RCI is not covered by the UK FSCS compensation scheme, but by the equivalent French version.

Personally, having been affected by the ICESAVE debacle a few years ago, I wouldn't risk it;)

eskbanker

As per http://www.moneysavingexpert.com/savings/savings-accounts-best-interest#easyaccess:

But we've not listed this account at the top of our best buys. This is because you need to be aware that any money in this account is NOT covered by the UK's FSCS protection scheme as the bank's owned by French car manufacturer Renault. Instead, it's covered up to €100,000 by France's protection scheme – if anything did happen to the bank it may be harder to get your money back.

Since there are plenty of FSCS-protected accounts paying similar interest in that article, there are many on here who'd choose to stick with a UK-protected product rather than taking the additional risk for such negligible benefit....