First Active Current Account Mortgage or Regular Saver

[bodoody]

I am wondering whether it is more beneficial to have a lump sum sitting on deposit in a FA Current Acc Mortgage or in one of the high interest deposits? Any views?

 

[GeneralZod]

If you've already got a FA Offset mortgage and a lump sum it makes more sense to put it in the offset account as the FA variable interest rate is a high 5.3% and by doing this you won't be paying DIRT.

If you've got regular income it makes more sense to put it in a regular saver account if it's one of the ones offering about 7% (5.6% after DIRT). The benefit is marginal however.

You could drip the lump sum in the off set account into the regular saver to optimise things.