best place for my money

jwoods_2

I am wondering if I am doing the best where my savings are concerned.

I have a Halifax currant account. I try not to keep much in there as my husband has to pay 40 % tax on our savings.
I moved money into a savings account, this is in my name as I'm a non tax payer ( housewife )
I have a savings account with the Halifax. It's a web account which pays 4.65 % gross p.a
I also have a cash ISA with them too. This pays 4.00%.

I do have a mortgage which is now only £22,000. I have been paying extra into this account. We have an endownment mortgage, we know there will be a shortfall. This is the reason we have paid most of it off as a part repayment.

Should I use my savings to pay my mortgage off with my savings? This would leave is without any savings.

Am I doing all I can with the money I have?

Any tips would be good.

J woods

grumbler

Welcome to MSE!

jwoods wrote:

I am wondering if I am doing the best where my savings are concerned.
I have a Halifax currant account. I try not to keep much in there as my husband has to pay 40 % tax on our savings.
I moved money into a savings account, this is in my name as I'm a non tax payer ( housewife )

You've done the right thing.

I have a savings account with the Halifax. It's a web account which pays 4.65 % gross p.a

Not the best, but decent interest rate ... If you save on regular basis consider regular saving accont(s) that pay much more. See Regular Saver link in the blew box above.

I also have a cash ISA with them too. This pays 4.00%.

If you don't have any plans to become a taxpayer in the future there is no point in having cash ISA. You can get higher rate with other accounts.

I do have a mortgage which is now only £22,000. I have been paying extra into this account. We have an endownment mortgage, we know there will be a shortfall. This is the reason we have paid most of it off as a part repayment. Should I use my savings to pay my mortgage off with my savings? This would leave is without any savings.

The key question is what interest rate you pay on this mortgage. I guess it is higher than you can achieve with your savings (gross). In this case it would be right to pay as much as you can towards mortgage, but to have at least a few months (or even half-year) equivalent of income in easy-access savings.