Just re-mortgaged - need savings account.

Griffboy

I've just taken out a 10yr fixed rate mortgage at 5.59%. We have 13 years left and after the 10 years I'll have about £20k left to pay. I was thinking that I would like to pay off the remainder at the end of the term, if I don't drink myself to death before then :beer:.

Anyway, I would like to put £160 a month away for the 10 years to cover the £20, It will be very unlikely that I'll need to touch it, so what is the best accounts to put the money in?

Cheers all.

lr1277

I would suggest a savings account. Either a regular saver or a cash isa. For regular saver there is a post on here by Special Saver 2 which lists the best regular saver.
For cash isa's either go to martin's article under Banking Saving or I am sure there will be a post on this forum.

As to which is better, depends after restrictions on each type of account, which is better for you.

Cash isa's should give you the better interest rate as you don't pay tax on your income. But there are limits on how much you can put in, including if you take any out.

Regular savers have limits on what you can put in and what you can take out.

From what you have mentioned, either are suitable at this stage.