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Telegraph.co.ukBankers are now facing their Uber momentTelegraph.co.ukDespite those earthquakes, banking remains much as it was, with its position at the heart of the nation's money system essentially unchallenged. For lack of any obvious alternative, we still overwhelmingly entrust the ... As a hub for financial ...and more »
Mirror.co.ukHALF of Brits travel abroad without insurance - 10 important things you should know before you jet offMirror.co.uk... if you buy your flight by credit card then you are covered under the Consumer Credit Act for purchases between £100 and £3,000. If it's a package holiday, check whether your tour operator is ATOL-protected – this will enable you to reclaim any ...and more »
Telegraph.co.ukTop judge hands divorcee £3.5m despite husband arguing it should be less as ex-wife lives with another manTelegraph.co.ukWomen who move in with other men after getting divorced are still entitled to a share of their ex-husband's wealth, the UK's most senior family judge has ruled. Karen Hart, 60 ... They have a bank account together, a home together and credit cards ...and more »
Telegraph.co.ukShoppers brush off Brexit fears with record credit card splurgeTelegraph.co.ukShoppers used their credit cards 163.6m times in April, also a record high, according to the British Bankers' Association. Despite the splurge, consumers appeared to spend within their means. Overall, credit card debt didn't increase in April, as ...
Money MarketingPension plan complaints jump 25 per cent as customers baffled by dealsExpress.co.uk... that are taking a large proportion of the compensation they are owed. “Banks and other providers must make the process simpler and easier for customers to claim directly, or pick up the tab when consumers use CMC's to get back the money they are ...FOS upholds half of pension advice complaintsMoney Marketingall 26 news articles »
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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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