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Telegraph.co.ukDo you invest like your peers? New study reveals how investing is changingTelegraph.co.ukMany older readers will recall paper-based share dealing and investing over the counter in their local bank branch. But few people under 40 have ever seen a share certificate – and half of Britain's bank branches have closed. The differences in the ...and more »
Buy to let: 'We landlords are being vilified'The GuardianChris Cooper is furious that his personal tax bill will nearly double. Other landlords say that their effective ... Many people put money in buy to let instead and now the goalposts are being moved drastically. In what other business can you ...and more »
'Credit cards try to catch you out' | Money | The Times & The Sunday ...The Times (subscription)The Times's consumer champion Laura Whateley dips into her postbag and tries to help readers who have been let down by retailers or service companies.and more »
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'Credit cards try to catch you out'The Times (subscription)The Times's consumer champion Laura Whateley dips into her postbag and tries to help readers who have been let down by retailers or service companies. On my MBNA credit card statement I was surprised to see that on September 16, 2016 I was charged ...and more »
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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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