Is it better to put your savings into a mortgage offset account or in a high interest savings account?

Does anyone know of any online calculators that allow you to work out how much time/money is saved on a mortgage by using an offset account.
Is it better to put your savings into a mortgage offset account or in a high interest savings account?
I found a calculator for St George Bank: ww.stgeorge.com.au/calculators under the home loan section. You need MS Excel to use it.
Reply:Never heard of a mortgage offset account. It can be better to pay off a mortgage than carry it if you can't itemize on your tax return.





You can set an account up at the bank and have them withdraw 1/4 of your monthly payment every week. This has the effect of paying an extra month's mortgage payment a year, and reduces your interest carrying costs.





If you have excess money, I'd find a good mutual fund to put it into. I would suggest the Vanguard family. They are the low cost leaders and generally perform upper half of all performing funds.





It does no use to chase a hot fund. My experience, that by the time the fund it hot, it is too late to get in.





Yahoo itself has many investment calculators.


http://www.finance.yahoo.com I believe is the web address.





Good Luck