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The Week UKBHS: Sir Philip Green threatens to sue Frank FieldThe Week UKWhen the music stopped, he had no money," Field said. "Sir Philip Green has a huge amount of money, unlike Robert Maxwell. If he wishes now to make good the pension deficit to those 22,000 pensioners he could do it. He keeps talking about it, but doesn ...Billionaire Sir Philip Green is threatening to sue Labour MP Frank FieldBusiness Insider UKGreen under pressure over BHS scandal, as UK business confidence slides – as it happenedThe GuardianMPs Deliver BHS ReportVogue.co.ukDaily Mail -BBC News -BBC News -Parliamentall 376 news articles »
Daily MailNatwest may set NEGATIVE interest rates for accountsDaily MailHowever the bank – part of the taxpayer backed Royal Bank of Scotland empire – said it had no plans to make changes to the terms and conditions of personal account holders to allow it to charge negative rates. Last night one treasurer ... Pensions ...NatWest warns of plan to CHARGE customers to hold savings in the bankExpress.co.ukall 37 news articles »
Telegraph.co.ukVirgin Money profits boom as customers splurge on credit cardsTelegraph.co.ukVirgin Money profits boom as customers splurge on credit cards. Jayne-Anne ... One main driver of that growth was a splurge by credit card customers who now have £2.1bn of debt on their plastic, almost double the £1.1bn balance they held a year ago.
Spectator.co.uk (blog)Equity release mortgages: a 'get out of jail free' card for homeowners?Spectator.co.uk (blog)It might seem as though houses are priced in monopoly money these days – but don't assume the roof over your head will be your 'get out of jail free' card when it comes to saving for a pension. It's not hard to see why so many are lulled into a false ...Millions will need to borrow in retirement to stay in their homeWhat Mortgageall 4 news articles »
Financial TimesFinancial watchdog warns on long-term credit card debtFinancial TimesThe UK's financial watchdog has attacked credit card providers for squeezing long-term profits from consumers who make monthly minimum repayments for years instead of clearing their debts. Almost one ... Virgin Money's deal lasts for 41 months. When ...FCA unveils proposals to deal with problematic credit card debtThe Money Pagesall 9 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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