Overpaying Mortgage VS Savings

YorkshireBoy

Zero_Sum wrote: »

And where do all the DD's come from?

Your imagination and determination.

Ive got 8 split over 4 accounts to get benefits.

I have more than a dozen...of each.

So im unable to open any more.

You're not looking hard enough.

And Tesco is only for a year...

So Tesco are only paying 3% AER on their current accounts for a year? Or they're only guaranteeing to pay 3% AER for another year? How do you know they're cutting the rate in April 2019? Insider knowledge? Don't look at the advertising blurb...look at the account T&Cs (or at the letter existing customers got last year).

YorkshireBoy

Zero_Sum wrote: »

You're including joint accounts in that.

Only with TSB. The others listed are all available to sole account holders.

MM2002

No ones mentioned nationwide flexsaver accounts! I have 3 at 5% for a year

adindas

MM2002 wrote: »

No ones mentioned nationwide flexsaver accounts! I have 3 at 5% for a year

I already have Nationwide flex direct account paying 5%. The reason why it is not mentioned because becasue this is a discussion about overpaying mortgage vs saving where "Zero Sum" keep insisting on long term benefit of mortgage vs Saving. Look at post #54 for instance. I believe as soon as you mention NW flex direct which is just for one year s/he will start arguing "just for one year"

S/he could not see that if the decision is purely financial, ANY Saving / Current account paying interest higher than 1.85% (1.85%+) in the OP case post#1 even for just one year (not neccessary the lifetime of mortgage) will beat the benefit of overpaying the mortgage at the rate of 1.85%.

She does not realize that because the reserved money is in easy access, there is nothing to prevent people to start overpaying mortgage as soon as the mortage interst rate is increasing higher than the interest people could get in current /saving account.