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Advice please
FunLovinCriminal
Posts: 488 Forumite
Morning all
We borrowed 10k from my parents, with the agreement to pay them back in 5 years.
We have been putting £170 a month away in a BoS 3.75% savings account. The interest is monthly.
We now see they have a 5.5% monthly savings account, we cannot put the £2k we have saved into it, but we can save £25-250 a month into it, with the interest annually though.
Which would get us to our £10k target quicker? We would rather keep everything BoS for personal reasons, we appreciate other banks may pay better interest.
We borrowed 10k from my parents, with the agreement to pay them back in 5 years.
We have been putting £170 a month away in a BoS 3.75% savings account. The interest is monthly.
We now see they have a 5.5% monthly savings account, we cannot put the £2k we have saved into it, but we can save £25-250 a month into it, with the interest annually though.
Which would get us to our £10k target quicker? We would rather keep everything BoS for personal reasons, we appreciate other banks may pay better interest.
Mortgage: 01/02/14 - £108k
Mortgage: Current - £97k
Mission: MF by 50
Mortgage: Current - £97k
Mission: MF by 50
0
Comments
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The 5.5% regular saver would give you more interest although be aware at the end of 12 months it will mature into a low paying account which you will have to transfer maybe into your 3.75% account and then start again for another 12 months with a new Regular Saver0
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Marcus have an account paying 4.3% on everything and that's not even the best available.
Why limit yourself to 1 bank?1 -
As penners324 said, for personal reasons.penners324 said:Marcus have an account paying 4.3% on everything and that's not even the best available.
Why limit yourself to 1 bank?I choose the rooms that I live in with care,
The windows are small and the walls almost bare,
There's only one bed and there's only one prayer;
I listen all night for your step on the stair.0
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