Current account case study - Intelligent Finance

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	Current Account

			An interest rate of 2.75% AER/GROSS variable and the 24h convenience of online and phone banking are just some of the reasons to move your current account to Intelligent Finance. You can even use your current account balance to reduce the amount of interest you pay on your offset mortgage by offsetting. Can form part of an Offset plan


	Julian: �1 in savings means I get the savings rate on my current account

	I first came to Intelligent Finance to open a direct access savings - I wanted to be able to get at my money whenever I wanted, and Intelligent Finance offered one of the best rates. Then I realised that by moving my current account to Intelligent Finance, I could earn the direct access savings rate on the whole balance of that too, even with just �1 in my savings jar. It works by linking the two together, but keeping the balances separate, so I know I'm always getting a great rate without having to worry about moving money between the two.


	Compare repayment
	Mortgage amount:		Present savings:
�		�
	Based on a repayment mortgage over 25 years



	Saved by offsetting

These figures are based on the assumption that it is a repayment mortgage, over a 25 year repayment term, the rate of interest is 5.95% (6.1% APR) with a 0.46% discount for 24 months and that the interest rate and the amounts held in the current account and savings remain constant throughout the term of the mortgage. It also assumes that no payment holidays are taken, that no money is borrowed and that the monthly payment is reviewed only when interest rates change but that rates remain the same during the term of the mortgage. Rates correct as at 01.02.05.

Case studies

		Julian: �1 in savings means I get the savings rate on my current account

What does it mean?

APR:
The annual cost of borrowing, including interest and charges

Gross rate:
The rate of interest you're paid before the deduction of income tax

View all definitions


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