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AOL Money UKNearly two thirds of Britons go on 'credit detox' before applying for mortgages or credit cardsThis is MoneyIt comes as another recent survey pointed out that a third of British 18 to 24-year-olds are too scared to check their bank balance and are suffering from 'ostrich effect' - preferring to stick their heads in the sand rather than find out how much ...'60% go on credit detox' before making financial applicationAOL Money UK60% of Britons to go on 'credit detox' before taking out mortgage, loan or credit cardWestern Daily Pressall 5 news articles »
This is MoneyRBS bottom of bank satisfaction league: Customers complain of axed rewards as First Direct tops tableThis is MoneyRoyal Bank of Scotland is the lowest-scoring high street bank for customer satisfaction, according to research. Consumer group Which? found that the beleaguered bank could only muster a satisfaction score of 53 per cent, while the best bank, First ...and more »
Telegraph.co.ukMortgage rate crash begins with 10-year fix offered at 2.89pcTelegraph.co.ukMortgage rates across the board are falling and buyers with 40pc deposits or higher have seen rates tumble towards 1pc. The current best two-year fixed rate, also from First Direct, charges just 1.15pc with a £1,405 fee. Monthly payments for borrowing ...and more »
Telegraph.co.ukHow market turmoil has changed all these areas of personal financeTelegraph.co.ukIsas, pensions and other investments drop back to 2008 levels or further. This is the bleak line taken by analysts such as market historian Russell Napier, who thinks shares could fall by 50pc. He uses a trusted model of valuing shares to show that the ...and more »
Larne TimesAdvice: How will I be affected by changes to the State Pension?Larne TimesAs a result, people who have been contracted out may have little or no additional State Pension as they are building up a workplace or personal pension instead. Starting with less than the full new State Pension: From 6 April 2016 you may be able to ...
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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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