Question..abbey Flexi Offset Tracker

taxi73

Hi everyone..wondered if you would be kind enough to help me?
I took out a Abbey lifetime tracker offset mortgage that I can overpay on by as much as I like.As soon as my CC debt is gone I intend to have my mortgage paid off within 3 years.
I have just registered the account online(and did that fine..I'm a bit useless with computers)...so wanted to test out paying a payment in to the savings pot..so went into lump sum payments(is this correct bit to use?)..and underneath that was a box which said my mortgage account and bank account number in it...I clicked that and put £20.00 in the amount is that the correct thing..
It says it takes 5 days to show...I was wondering if I have done it right...I then got a screen saying I had saved £14.31 interest and saved no time...it sort of looks right to me.
So sorry that it is a silly question....

Sweets2

Hi Taxi73 - not a silly question.

your description matches what I do to put money into the offset savings account, so pretty soon you should see your savings balance increase by £20. It does take on average 5 days to get the money in there. (Interestingly, taking it out again is much quicker.)

If you fancy playing around with the figures before definitely, definitely commiting to paying money into the offset savings: follow the same steps you did this time, but click Show Me instead of Submit and you get the graphs and the amount of time/interest saved and you can see the difference paying into the savings account would make.
If you don't hit Submit at some point, the money doesn't actually move.

Hmmm did that make any sense?! PM if you want to. Good luck with the overpayments.

taxi73

Thanks for that Sweets and yes it made perfect sense.It's just that it seemed to be too simple to do as I'm useless usually at computers and just wanted to make sure that I was paying it in rather than trying to take it out...lol..