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Telegraph.co.ukFour million people retiring from April could get the wrong state pensionTelegraph.co.ukIt has also emerged that some 6 million people whose funds have since been transferred into personal pensions may find that their full records no longer exist. This is because the Government scrapped rules forcing personal pension providers to collect ...and more »
The IndependentFormer RBS chiefs now control half the 'challenger banks' earmarked to reform Britain's finance industryThe IndependentThe most prominent among Mr Goodwin's former execs is Jayne-Anne Gadhia, the chief executive of Virgin Money, which took over the “good” part of broken mortgage bank Northern Rock from the taxpayer in 2011. She has advised the Government on ...
ChesterChronicle.co.ukVirgin Money moves into state-of-the-art Chester officesChesterChronicle.co.ukChester is now well and truly the official home of the Virgin Money credit card after moving into a high-spec new office in the city centre. More than 60 staff who manage the credit card operation have moved into Gorse Stacks House, George Street, next ...
Financial TimesHSBC to pay $470m to settle US mortgage abuse allegationsFinancial TimesHSBC, the UK bank, has agreed to pay $470m to settle allegations that it engaged in “abusive” practices before seizing the homes of Americans who defaulted in the wake of the financial crisis. The deal resolves claims that the lender breached rules ...HSBC fined £325m in US for its 'abusive' treatment of struggling mortgage customers during financial crisisThis is MoneyHSBC Agrees $470m US Mortgage SettlementEagle Radioall 198 news articles »
On Board the Russian Dissidents' 'Kleptocracy' BusVICE NewsRoman Borisovich — an anti-corruption activist who worked on Channel 4's From Russia With Cash, which exposed estate agents willing to sell property to apparent money-launderers — was one of the organizers of the tour, also acting as compere. He told ...
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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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