Hi all,
I've recently signed the contract for my very first property. I'm now organising PM's, insurances, etc, etc.
I've also set up a Mortgage Interest Saver Account (MISA, what they call it), which is basically an offset account linked to my home loan account.
My question is, given the advantages that accounts like this (MISA) provides, why would you keep money on a savings account? I've got my ING account but now I can't find a reason why to keep money there. Interest on these accounts (ING, NetBank Saver) are taxed, whereas offset accounts aren't.
Do you still use a savings account even if you can add that money to your offset account? why?
thanks!
I've recently signed the contract for my very first property. I'm now organising PM's, insurances, etc, etc.
I've also set up a Mortgage Interest Saver Account (MISA, what they call it), which is basically an offset account linked to my home loan account.
My question is, given the advantages that accounts like this (MISA) provides, why would you keep money on a savings account? I've got my ING account but now I can't find a reason why to keep money there. Interest on these accounts (ING, NetBank Saver) are taxed, whereas offset accounts aren't.
Do you still use a savings account even if you can add that money to your offset account? why?
thanks!