We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
A challenge for you
Skeekwarton
Posts: 26 Forumite
OK folks, a hand clapping smiley & thumbs up for the best idea.
I have £5000 in the bank.
I have a car loan with 13 months left @ 367.50 per month - 4777.5 ( total payable )
Current settlement figure is 4622.28 - a pathetic 155.22 interest rebate.
I've looked at the savings account route with ICICI @ 6.41% i.e. stick the cash in the savings account, transfer the monthly payment to my current account to cover the car loan and let the interest mount up, This would net me a whopping £40 above the settlement rebate, it's hardly worth the hassle of setting up the direct debit !
Does anyone have a cunning plan as to how I invest the cash, making the monthly payment from the capital and earn more than £40 above the rebate. Personally I doubt it, but you never know when it comes to you clever & dedicated money savers.
thx
Skeek
I have £5000 in the bank.
I have a car loan with 13 months left @ 367.50 per month - 4777.5 ( total payable )
Current settlement figure is 4622.28 - a pathetic 155.22 interest rebate.
I've looked at the savings account route with ICICI @ 6.41% i.e. stick the cash in the savings account, transfer the monthly payment to my current account to cover the car loan and let the interest mount up, This would net me a whopping £40 above the settlement rebate, it's hardly worth the hassle of setting up the direct debit !
Does anyone have a cunning plan as to how I invest the cash, making the monthly payment from the capital and earn more than £40 above the rebate. Personally I doubt it, but you never know when it comes to you clever & dedicated money savers.
thx
Skeek
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.1K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards