Savings - is it worth it?
This is really for those in the UK Well with interest rates at all time lows is there any sense in saving or would it be better to do things like overpay your mortgage? Well currently paying off more on your mortgage to me makes more sense as this can save you more in the long run especially if you are using the over payments to reduce the term of the mortgage rather than the monthly repayments. This means that the capital of the mortgage is reduced so there is less to charge interest on so each of your future monthly payments pay off a higher proportion of the capital. Now you do need to check the terms of the mortgage as to how much and how often you can overpay as if you go over this there are some big charges. Savings wise the best on the general market appears to be National Savings. As these are 100% backed by the treasury they can offer higher rates. Also unlike other banks etc 100% of your money is protected. The income bond offered by NS&I appears to be one of the b...