Using kids savings to offset balance??

Pauls

I'm considering moving our kids cash to my bank, so we can offset against it (Obviously I'm planning on paying the interest to the kids myself)

Could anyone provide the calculations used to work out how interest on savings is calculated, and the same for my mortgage so I work out if it's worth it

watcherman

Try this: http://www.whatsthecost.com/savings.aspx

dimbo61

hi pauls
your kids with get interest on there saving accounts tax free .
they if old enough to understand may not like you clearing out there
accounts to offset the mortgage.
I think the difference in what you might save by offsetting compared
to the interest they will earn is not worth the hassel.
encourage the kids to save themselves it will be a great lesson for life.
I have an offset mortgage which i think is great, save hard and build up your
offset account.
consider the tax man as well with taking money out of children,s accounts
and paying money into your offset. he may think you are avoiding TAX !