The material on this website is for information only
and is not intended as any recommendation or endorsement of any products or companies mentioned. We are not licensed by the FSA to give financial advice, and none of the material on this website constitutes or is intended to constitute financial ...
News
This is MoneyShamed boss of Provident was adviser to watchdog as it probed firm's credit card armThis is MoneyDisgraced doorstep loan boss Peter Crook was advising the City watchdog while it investigated his firm's credit card arm. Crook quit as head of Provident Financial this week as shares crashed following a massive profit warning and revelations of a ...and more »
BBC NewsBrides 'will have lost their money' after shop closureBBC NewsShe said she has "absolutely no idea" how she's going to get the money back. Mrs Connolly said: "If they've paid on credit card, I know they'll get it back. "If they haven't, with the financial problems we've got, there's no way we can personally pay ...and more »
Daily Post North WalesSuccessful mortgage adviser's double life as cocaine dealerDaily Post North WalesSteven Craig Budgen was caught after a police investigation which unearthed messages between him and taxi driver Paul Williams discussing how much money they could make from supplying the Class A drug. Up to £4,000 of the drug was seized during ...
Mortgage Solutions (registration) (blog)'It's a level of performance we wish all lenders could replicate' – MarketwatchMortgage Solutions (registration) (blog)How existing lenders continue to evolve and react to the changes in the market is equally as important. Congratulations should also go to Virgin Money, Accord Mortgages, Leeds Building Society and Metro Bank for how they re-launched their propositions.
AOL UKiPhone users: don't fall for this fake text - AOL UK MoneyAOL UKApple is warning iPhone users to be on their guard over a new scam aiming to steal user names and passwords. If successful, the trick allows cybercriminals to ...and more »
Have you met...
Latest Members:


dasfasfd


yangying


elvafeng


scott154


sara


luiscastillo


agdfgasd123456

 

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.

Advertise with us  |  Privacy  |  Terms & Copyright                                                                                     Website maintained by USP Networks