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Express.co.ukWhy there is an epidemic of fraud in Britain today - STEPHEN POLLARDExpress.co.ukWhen a bank compensates a victim it has to get the money from somewhere, which means higher fees and costs. Too often the banks are almost complicit in the fraud. One reason just one in 20 frauds is ... Add to that the ubiquity of credit cards and the ...and more »
RaconteurOpen banking is coming, but it's taking its timeRaconteur“It should have forced the banks to connect better,” he says. However, OBIE trustee Imran Gulamhuseinwala claims this is happening already. “The OBIE will be focused on supporting the banking, credit card, building society and e-money sectors in ...
The TimesLaura Whateley: My obsession with other people's moneyThe TimesThe obsession is driven partly by nosiness — millennials did not invent wondering how their neighbours can afford a BMW. Yet, while researching my new book, a guide to personal finance for the under-40s, I have discovered from talking to dozens of ...
Telegraph.co.ukLetters: Labour will confiscate shares from workers' pensions, not from fat catsTelegraph.co.ukMost are banks, building societies and insurance companies that invest money on behalf of millions of small savers and workers' pension schemes. Gordon Brown reduced my personal pension payout with his tax on dividends, and I lost more in the financial ...
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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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