Should I consolidate my savings to one account?

[Justbmad]

Have a tracker +0.75 with 12 yrs left approx 110k costing 900pm. Both working & save 200 p/m to 2 savings a/c (3600 balance in aib), (3000 balance in ebs) Have 11,000 in credit union with 4000 car loan. Also have a 0% balance transfer credit card debt of 2000 which we hopefully will pay off before 0% runs out in 9mths time. Other savings prize bonds of 2000.
My question is should I consolidate all my savings to 1 fixed term or lump sum deposit ac for a year or 2 (we shouldnt need to use this savings all going well for at least a year) or should i pay all off capital on mortgage & reduce my term. We would love to pay off the mortgage asap but its nice to have some savings just in case. Worried about the safety of savings in bank & cu, we are nearly 40 & was always hard to save with family but at least if we clear mortgage, house will be ours by time we are 50.

 

[Daisy09]

What I would do first is pay off the cu and cc loan/debt. It doesn't make sense to have enough savings and yet still be paying back loans. When these are paid you will still have 7k savings and no debt apart from mortgage. I would then keep this 7k in savings that you can access should you need to. Don't use it to pay off mortgage capital, its always good to have a little nest egg put by, you never know whats around the corner or when you might need it.

Daisy

 

[horusd]

What interest rates are you currently getting from AIB & EBS? What is the comparative offer on fixed rate? Agree with Daisy it makes no sense to have a CU loan & pay interest when you could pay this off completely. The CU is probably loss-making on two fronts, loan interest and dividends when compared to other offers available, but you might want to maintain it for other reasons. The best form of safety is to diversify your savings, perhaps including non- Irish institutions.