Hi folks
I know this isn't really the place for this but I couldn't really see a place for it and I thought it takes a DIY mind to work this one out.
My pension is paid into my bank account on the last working day each month. On the 1st (next) working day my mortgage is paid and the day after the bank (the same bank) credit my mortgage with the payment adding at least 1 day's extra interest in the process. In the case of my February payment my pension will go into my account on 30th January and sit there gaining 0.0.. whatever % interest on the 30/1/8, 31/1/8 & 1/1/9 it'll leave my account on 2/1/9 and credited to my mortgage on 3/1/9.
If my mortgage was to be paid on the last working day each month then in February I'd save the potential of 3 days interest (assuming you don't get interest on the day you pay it in), which in my case would be around ?30 for February alone.
The bank say's it cannot take the mortgage out on the last day (the same day my pension is paid in) I'd have to set the payment date for 28th of each month. I'm with the Halifax and just wondered if anyone else could help share there wisdom on this one. In the year I've the potential saving of at least ?100 ..probably a lot more.
Ash