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
The Times (subscription)Despite my gold I'm in last place for a mortgageThe Times (subscription)The rowing champion Will Satch might have won gold at the Olympic Games in Rio de Janeiro but he cannot get a mortgage to buy his first home. Despite bringing home seven medals for Britain over five years, the 27-year-old has been forced to rely on his ...
This is MoneyPhilip Green in new clash as BHS pension row deepens: Deal hopes fading - now regulator and tycoon could end up in ...This is MoneyHopes of a solution to the BHS pension crisis before Christmas were fading last night as Philip Green's advisers and pension regulators clashed over the state of negotiations. As the stores group was finally placed into liquidation on Friday and a ...
This is MoneySTOP THE SCAMMERS: Explosion in fraud costing us £11 BILLION a year – so fight back and join our campaignThis is MoneyConsider contacting a professional financial adviser with pension experience. Find one through unbiased.co.uk, vouchedfor.co.uk or thepfs.org. The Personal Finance Society has launched a campaign involving its 36,000 members taking a leading role in ...and more »
Daily MailPoliceman father of girl selling her virginity to pay his mortgage is 'disgusted'Daily MailThe interview is thought to have been arranged by an escort agency that is handling the sale of her body and will take a cut of the money. It was left to Toni's younger brother Radu to break the news to her parents about her controversial plan. After ...and more »
Telegraph.co.uk'Government's latest pension crackdown will force me back to work'Telegraph.co.ukThe latest cut to the pension annual allowance, announced last week, was sold by the Chancellor as a crackdown on “inappropriate” use of government top-ups. Once savers have begun to draw an income from their pot – an option open to anyone over the ...
Have you met...
Latest Members:


BrynjarEindride


shilladresses


jadegown


ahmed aboshady


StellaHawes


walis monaim


Tisa smith

 

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