Probably a dumb question. I took out a 16,000 euro loan about 3.5 years ago. 330 per month personal loan from AIB. 1.5 years left to run on it and noticing that the interest charge is quite high now up to 11.7%. I owe 5,500 on the loan at this stage, and have paid perhaps 600 euro interest on it so far this year alone.
However a recent cashsave I set up has 12,000+ in it and is earning about 2 euros a year in interest !
I take it that its a no-brainer that I call up my bank tomorrow and have them pay off the balance of my loan with the cashsave account. Or is there something I am missing here ??