change from lloyds online saver to first direct offset?

longwalks1

ive currently got about £7,000 in my lloyds online saver account and am considering swiching it into the First Direct offset saver where the interest in taken off your mortgage, as a higher tax payer its something like 10.47% I think. Is it worth doing this as I have an offset mortgage with FD for £110,000 fixed for the next 5 years at 4.99%

How do i access my money with FD as they dont have branches do they?

Thanks in advance

longwalks1

anyone?

jem16

4.99% net is 8.3% gross to a higher rate taxpayer - 10.47% is if your offset rate was 6% and not 4.99% as you have. Still a good rate though.

FD is accessed through online banking. To get at your money you would either transfer it to your FD current account or to another bank where you hold an account and then use your debit card.

whu

I agree and dont forget that FD First account will give you a chequebook and debit card also
PS you can get a better rate with lloyds - internet saver rather than online saver