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  1. #31
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    So, if you put all of your pay into an account that is off set against your mortgage...is there any penalty for re-drawing the money to use for weekly expenses etc?

    Is there any benefit in having your pay put into an offset account if you know that all of the money is likely to spent during the fortnight?

  2. #32
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    yes because even if it sits there for a day, it'll do more good than if it's in another account. interest is calculated daily...even if it sits there for a day or 2, the benefit would be very insignificant, but it's still a benefit.

  3. The Following 3 Users Say Thank You to turquoisecoast For This Useful Post:

    Albert01  (06-06-2016),binnielici  (06-06-2016),sunnygirl79  (06-06-2016)

  4. #33
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    Quote Originally Posted by turquoisecoast View Post
    yes because even if it sits there for a day, it'll do more good than if it's in another account. interest is calculated daily...even if it sits there for a day or 2, the benefit would be very insignificant, but it's still a benefit.
    Thank you you've inspired me to look into our accounts and I am moving a large amount of $ into offset today - we had it sitting in a high interest account but makes so much more sense to offset it. Can't believe we didn't think of it earlier, DH got his bonus over a month ago we should have done it then!!

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    turquoisecoast  (06-06-2016)

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    Quote Originally Posted by sunnygirl79 View Post
    Thank you you've inspired me to look into our accounts and I am moving a large amount of $ into offset today - we had it sitting in a high interest account but makes so much more sense to offset it. Can't believe we didn't think of it earlier, DH got his bonus over a month ago we should have done it then!!
    glad to have been of use!

  7. The Following User Says Thank You to turquoisecoast For This Useful Post:

    sunnygirl79  (06-06-2016)


 

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