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The Times (subscription)Perks of overpaying a home loanThe Times (subscription)If you missed out on Ford Money's 4 per cent savings deals, which were withdrawn from sale this week after overwhelming demand, then you are probably particularly fed up with low savings rates. One way of earning a better return, however, could be by ...and more »
Need extra cash? A second-charge mortgage may suitThe Times (subscription)The number of people taking out a second mortgage on their home to get some extra cash has jumped to the highest level since 2008. New data shows that £93 million in loans was taken out by homeowners in March through second-charge mortgages.
Daily MailThink tank warns of 'dishonest' Labour tax plansDaily MailCorporation tax rises could reduce the value of private pension pots. ... A spokesman for the think tank said: 'Labour would not raise as much money as they claim even in the short run, let alone the long run. ... The Tory commitment to get net ...Your guide to how the IFS dismantled the two parties' plansPolitics.co.ukParty manifestos branded 'not really honest'FT Adviserall 71 news articles »
Mirror.co.ukTravelex has scrapped its Supercard and you WON'T be able to use it this summer - 5 alternative travel money cards ...Mirror.co.ukTravelex's Supercard has proven to be a firm favourite for customers travelling overseas over the past couple of years, thanks to its no credit check arrangement, no added fees, and the ability to link your debit and credit cards to the account through ...
Financial TimesUK companies pay staff less as they plug pension deficits, says studyFinancial TimesCompanies in the UK have held down staff wages as they plug pension deficits, including those of lower-paid workers excluded from the schemes, according to new research, writes Gemma Tetlow. An average 10 per cent of the money that has been paid into ...
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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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