Offsetting is not available to new customers after 8 p.m. on 1st July 2009.
See if I can save by offsetting
You can receive the benefits of offsetting in different ways, by shortening the term of your mortgage, lowering your monthly payments or reducing the amount you owe on your mortgage. Whichever way you choose to receive your offset benefits you could be saving money.
The balance in your Intelligent Finance savings and/or current account reduces the balance on which you pay interest on your mortgage - and, because you don't receive interest on your current account and direct access savings when offsetting, there is no tax to pay on the amount being offset.
With an Intelligent Finance offset plan, even if you've just started saving and don't have a large balance built up, your regular salary paid into your Intelligent Finance current account will be offset against your mortgage, and save you interest. It doesn't matter that the amount of money in your current account will vary - whatever's in there from day to day will go towards offsetting the amount you owe on your mortgage.