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
Should I shift my pension for a bigger retirement income?Telegraph.co.ukThese tend to be more generous than "defined contribution" schemes, where the money you end up with is the sum of contributions made by you and your employer, plus any investment growth. Maike Currie, an investment director at Fidelity Personal ...
Your front line of defence against investment fraudUnbiased (blog)A persuasive request came in, apparently from an advice firm in Canada, asking for a UK adviser to sign off urgently on a pension transfer for their client. It may have been a genuine enquiry, but the Unbiased adviser who responded (Alan Chan) did not ...
This is MoneyHow to protect your pension: As stock markets yo-yo and annuity rates tumble... there are still ways to profit from ...This is MoneyA legal loophole lets unscrupulous firms set up in a country where watchdogs are less exacting than those in the UK — then flog risky investments, mortgages and loans to British customers online or by phone. Customers do not have the protection of the ...and more »
US Stocks Rally Amid Tuesday's 'Great Reprieve'Wall Street Journal (blog)U.S. Stocks Rebound as Markets Steady After Brexit Rout Financial markets showed signs of stabilizing Tuesday following sharp declines in the British pound and global equities after the U.K. voted to leave the European Union last week. ... Teachers ...and more »
Telegraph.co.ukSir Philip Green in BHS talks with Pensions RegulatorTelegraph.co.ukMr Field teasingly suggested the codename of the latest pension restructuring proposal should be called “Project Tina, as the money will be coming from her” – referring to Lady Tina Green, Sir Philip Green's wife and owner of the family's retail empire ...and more »
Have you met...
Latest Members:


marwasaf


lolo


danny


midomidi2013


asmaasaad


shazly


ser1es

 

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