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The GuardianBanks dangle carrots to get you to switch current accountsThe Guardian... switch a double bonus. Photograph: Julie Howden/newsteam.co.uk ... This week, TSB launched a cashback deal on its most popular current account that allows people to earn up to £60 a year from their contactless card payments. Meanwhile, as of ...and more »
Virgin Money Holdings (UK) PLC - Get News & Ratings DailyFinancial Wisdom WorksVirgin Money Holdings (UK) PLC logo Virgin Money Holdings (UK) PLC (LON:VM) was upgraded by equities researchers at Investec to a “buy” rating in a research report issued to clients and investors on Thursday, AnalystRatingsNetwork.com reports.and more »
Mirror.co.uk'I couldn't even afford coffee': How being on the brink turned one mum into a ...Mirror.co.uk“I'd spent lots of time and money adding value to this property, and put it on the market in November 2008,” she says. “However, that ... “As a result, I ended up maxing out my credit cards to be able to afford the household bills and other outgoings ...
Financial TimesIt's official: money can buy you happinessFinancial Times... your parents, your self-help guides or your religion may have told you: money can buy you happiness. That, at least, is the conclusion from the number crunchers at the UK's Office for National Statistics, who have combined data from surveys on ...Money does make you happy – but not if it is tied up in bricks and mortarTelegraph.co.ukMoney does buy you happiness, UK number-crunchers sayYahoo NewsMoney DOES buy happiness but it is cash in the bank which makes life betterDaily Mailall 20 news articles »
Telegraph.co.ukMoney does make you happy – but not if it is tied up in bricks and mortarTelegraph.co.ukBut when the same analysis was carried out dividing people by levels of property wealth and pension assets there was no clear pattern in either direction. The ONS explained: “The results indicate that overall, as net financial wealth increases so does ...It's official: money can buy you happinessFinancial TimesMoney DOES buy happiness but it is cash in the bank which makes life betterDaily MailMoney does buy you happiness, UK number-crunchers sayReutersall 18 news articles »
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To Save or To Clear the Debts?

You may have noticed that your savings aren’t doing a lot to pay their way these days. Pensioners are badly hit as many of them use the interest from their life savings to pad out the weekly amount they get from the state. Many mortgage payers are happy as their payments have come down, but just about everyone else with savings is in the situation where the real value of their money is falling because interest payments aren’t as high as inflation.

 The average rate for UK instant access accounts including current accounts was around 0.17% at the end of February and we’ve had another cut in the Bank base rate of half a percent since then. Despite that, with credit hard for many people to come by; credit limits being cut by the card companies and worries about job losses, if you can, it’s best to have some savings on hand for an emergency. And the latest figures show that people are saving more. There’s nearly £1,000 billion of savings in our banks and building societies and another £90 billion in National Savings.  

In terms of interest you may as well keep your money under the bed – but then that’s probably the first place a cash strapped burglar is going to look. Fixed rate bonds pay slightly higher rates than instant access accounts. National Savings and Investments products are increasingly popular because people want to know their money is safe whatever the interest rates and they have a 100% government deposit guarantee. It’s never been more important to shop around and don’t be slow to move your money to higher interest rate paying accounts. Keep a close check on any accounts you do have to see what interest you are being paid. The financial pages of the newspapers are good for advice on which accounts are paying the best rates but these change frequently. 

Once you’ve got your emergency fund in place if there’s any money left over think about clearing expensive debts. There’s no point in having a lot of money sitting in an account getting 2.5% interest if you’re paying off loans or credit card accounts at interest rates in the high teens and 20’s. Homeowners are paying off their mortgages too. Some who’ve seen their monthly payments fall are continuing to pay at the old rate so that they clear their mortgages more quickly.

If you have a lot of savings think about getting some financial advice. Your money may not be doing as well for you as it could and a good Independent Financial Adviser can be worth his or her weight in gold. Visit more than one and choose the advice you feel happiest with. Family, friends and colleagues may be able to recommend advisers they’ve used and found helpful.

If you’re lucky enough to have money to put aside it’s time to take stock and nurture it so that it can nurture you back in the future.

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