Regular saver

Showme tm

New Member
Messages
3
Hi this is my first time posting so if its in the wrong place please remove. I am in a position now to be saving 800e each month after starting in a new job and was wondering what would be the best place to put it. I only fixed my morgage with kbc in june for 5 years so was thinking of there regular saver account for 5 years and paying the lump sum off the morgage at the end of this period.any advice welcome.cheers
 

HollowKnight

Frequent Poster
Messages
165
KBC offer best interest rate on this currently provided you have their extra account.

Just beware of you upgrade your Android phone to version 10. They haven't updated their app for that yet.
 

username123

Frequent Poster
Messages
1,448
KBC: 10% of the initial balance can be repaid early at any stage during the term without incurring a break fee. This is a cumulative limit of the fixed term, so if for example you have fixed for 5 years, and you overpay by 10% of the balance in year 1, that's your limit used up for the 5 years.
Taken from https://www.askaboutmoney.com/threads/paying-off-portion-of-fixed-mortgage-penalty-fees-with-different-banks.213057/. Hence you can directly overpay the fixed mortgage of you want. You'll get far better return. Regular savers are rubbish interest rate now. For deposit best buys see the deposit best buys section...
 

Zenith63

Frequent Poster
Messages
301
Just keep in mind that once you overpay, you cannot get that money back out if you fall on hard times. So only overpay after you’ve built up a healthy rainy day fund.
 

Showme tm

New Member
Messages
3
Just keep in mind that once you overpay, you cannot get that money back out if you fall on hard times. So only overpay after you’ve built up a healthy rainy day fund.
I understand what your saying.but the way im looking at it is the 800 pm is the amount im up pm in the new job so everything is the same as before or is this the wrong way of going about it.
 

Zenith63

Frequent Poster
Messages
301
I understand what your saying.but the way im looking at it is the 800 pm is the amount im up pm in the new job so everything is the same as before or is this the wrong way of going about it.
If you have a rainy day fund already and no other more expensive debt, then it makes perfect sense yep! If you don’t have the rainy day fund, definitely build that first.
 
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