What to do with our savings?

Broadwood · 20 May 2018 at 10:45PM

I'm risk averse so paid off the mortgage and put cash savings into new Gatehouse Bank 1 Year Bond paying 2.0%

Already fairly well covered with 3 pensions waiting.

I'm 60 now but might need to retire early due to detached retina issues. My truck driving licence is on the line with DVLA.

Emergency cash of about £15000 that might be needed within 12 months is split 2/1 between Coventry BS 30 day account paying 1.35% and Shawbrook Easy Access paying 1.3 %

If I've learnt anything in the last 12 months it's that anything can happen and living hand to mouth is definitely not a good idea.

Plan for the worst and then you'll have most bases covered.

eastofeden · 21 May 2018 at 7:45AM

Gatehouse is operated using Shariah principles, so is not “offering 2%”, this is the expected amount, which may or may not be 2%.

planteria · 21 May 2018 at 8:44AM

i like the initial suggestions... ensure that you are maximising pension benefits for both of you and then either a. save into ISAs and the remainder to reduce the mortgage, or b. just reduce the mortgage.