Pay Off mortgage Or save ?

[W200]

Hi
This is my first attempt at posting so please excuse any errors.
Current financial position is .
Have 83 monthly repayments remaining on mortgage costing Euro 243 per month.
Have Euro 20000 sitting on deposit earning very little interest.
Am in a position to save approx a further Euro 400 per month .
I will require savings of approx 50000 in about five years.
Should I ,
A. Pay off my mortgage and start a savings account with deposit of 5000 and payments of 650 per month .
Or,
B. Start savings account with deposit of 20000 and payments of 400 per month.

I am fifty years old with pension taken care of and no other great financial problems. I would be prepared to take some risk and am looking at things like Quinn Life etc but intend to do more research before deciding .
Any advice would be appreciated .

W200

 

[irishpancake]

What about switching to a LTV mortgage, to get the lowest rate, open at least two on-line lump-sum savings accounts(5%AER+), to devide the €20k (€10k+€10k Rabo+FA or NR+Rabo, or whatever combo is best).

Then use those a/c's to feed high-interest (7%AER) regular saver accounts with Halifax or EBS Anglo, etc.

something like that anyway.

very hard to advise ppl on stock-market type investments, as you know, can go down as well as up!

 

[W200]

Thanks for advice Irishpancake I will investigate the options you suggested.
w200