Anything I should do differently?

onwards&upwards

I’m trying to beat my mortgage interest rate of 4% as I recently consolidated some debt onto it and don’t want to regret that decision!

Currently I have:

2500 in nationwide current account 5%
250 in nationwide regular saver 5%
1500 in TSB current account 5%
250 in HSBC regular saver 5%
500 in Virgin regular saver 3%

Day to day spends in HSBC current account, keep this to a minimum as no interest
A few hundred in Starling 0.5% as maxed out other savings and drip feed to HSBC for spending

Is there anything else I can be doing right now? I’m not looking forward to this time next year when all those rates end and I have to start again!

atush

You could refinance- 4% is high

onwards&upwards

Thanks, the bulk of the mortgage is 2.5, it’s the additional borrowing that’s higher but that’s the nature of the beast as it was for debt consolidation. It’s a 2 year fix and hopefully can do better after that, although who knows where rates will be in 2 years!!!

Thanks though, you are right!

Thrugelmir

onwards&upwards wrote: »

I’m trying to beat my mortgage interest rate of 4% as I recently consolidated some debt onto it and don’t want to regret that decision!

Currently I have:

2500 in nationwide current account 5%
250 in nationwide regular saver 5%
1500 in TSB current account 5%
250 in HSBC regular saver 5%
500 in Virgin regular saver 3%

Day to day spends in HSBC current account, keep this to a minimum as no interest
A few hundred in Starling 0.5% as maxed out other savings and drip feed to HSBC for spending

Is there anything else I can be doing right now? I’m not looking forward to this time next year when all those rates end and I have to start again!

That's the time to pay down the mortgage. Focus your attention on saving every £ you can out your budget to overpay.

onwards&upwards

Thrugelmir wrote: »

That's the time to pay down the mortgage. Focus your attention on saving every £ you can out your budget to overpay.

That’s definitely something i’m Thinking about, but Martin’s advice is to only overpay if your savings are earning less than your interest rate, isn’t it?

I suppose after i’ve Maxed out the 5% accounts I could use anything else spare to overpay?

I’m expecting there’ll be other products I can move to keep getting 5% next year, I hope so anyway!

masonic

You are missing the First Direct and M&S bank 5% regular savers (both require a current account to be opened). These go nicely with your other 5% regular savers - open them each a few months apart so that you can perpetually keep about £6,000 earning 5%.

Alexland

masonic wrote: »

You are missing the First Direct and M&S bank 5% regular savers (both require a current account to be opened).

M&S also require a current account switch to be completed.

masonic

Alexland wrote: »

M&S also require a current account switch to be completed.

Oh yes, I forgot about that, so 2 current accounts to be opened in the case of M&S.

onwards&upwards

Can I have first direct as well as HSBC?

Good idea to ‘rotate’ that hadn’t occurred to me.

Alexland

onwards&upwards wrote: »

Can I have first direct as well as HSBC?

Yup I did.

Zero_Sum

Could have a look at P2P?