Best savings account for 1,2,3years

jamels2

I plan to overpay the max on my mortgage each year.
I can immediately pay 14800,then 13320 in January .
Then 11988 in Jan 2021 and 10789 in Jan 2022 then finally 9710 in Jan 2023
Can anyone recommend where to put the money to offset the 2.69%mortgage interest?

grumiofoundation

https://www.moneysavingexpert.com/savings/savings-accounts-best-interest/

jamels2

Are they all trustworthy as it mentions big names one which is lower interest?

jamels2

Metro is 2% and they're a high street bank but post office is below as a household name at 1.75 should I really trust the p.o more than metro?

ColdIron

It's 1.70% but I wouldn't use the PO, there are many reports on this site of problems with them

eskbanker

jamels2 wrote: »

Are they all trustworthy as it mentions big names one which is lower interest?

Depends exactly what you mean by trustworthy but the standard measure of savings account provider safety is whether or not they're covered by the Financial Services Compensation Scheme, which guarantees to reimburse savers up to £85K if a member institution goes under. MSE will typically only include FSCS-protected institutions or at least make it very plain if one isn't covered - it's displayed as the last column in those fixed rate tables.

jamels2 wrote: »

Metro is 2% and they're a high street bank but post office is below as a household name at 1.75 should I really trust the p.o more than metro?

Metro may have a presence in some high streets but not many, and almost exclusively in London and the South East - the rationale behind the generic comment about "Best 'Big Brand' savings. We know some of you want a 'name you know', so here's the top payer" was that most of the top-paying providers are less-known than Metro.

As ColdIron rightly points out, there have been many threads about issues with PO accounts, but what makes an institution 'trustworthy' for you?