Getting the right account

Waterdog

Hi Guys I’m looking for a bit of advice, the endowment I have in place has just matured it was set up to pay my mortgage but the mortgage has two years to run and I have made all the overpayments I can without getting a penalty so was looking for a account that will let me take 1 DD each month to pay the mortgage 

cloud_dog

What is the interest rate on the mortgage?

Beddie

You are unlikely to be able to do a DD from a savings account. Just choose an easy access account, then move money across each month manually into your current account, to pay the mortgage. Or if mortgage rate is less then savings rates, pay just the regular mortgage payment until that situation changes.

Best rates: https://moneyfactscompare.co.uk/savings-accounts/easy-access-savings-accounts/?quick-links-first=false&product-favorites-first=false

Also consider a cash ISA for £20k, if not already utilised. ISA rates also on above website, do a search.

boingy

Or stick it in Kroo. A current account that pays 4.1% and supports DD's and SO's.
A bit less interest than the best EA savings but a bit less admin for you.

friolento

Beddie said:

You are unlikely to be able to do a DD from a savings account.

Chase is a notable exception, but they may not have the best rate for the OP