SCOTTISH money advisers and charities are calling for the establishment of a properly regulated not-for-profit savings club, after the collapse of the Farepak Christmas club left 150,000 families facing a miserable festive season.
Tag: Savings
MoneyExpert: Financial Planning Stalls For 68% Of Parents
Some 68 per cent of parents said they have had to put a hold on financial planning and savings due to the costs of raising a child, it has emerged.
Scotsman: Ten Commandments: Number Seven – Write Your Will Tax Efficiently
RECENT articles in this series of financial commandments have looked at Inheritance Tax (IHT) planning for business assets and savings.
Motley Fool: A New Savings War!
If you’re a homeowner with a variable rate mortgage, you will no doubt be lamenting yesterday’s decision by the Bank of England to raise interest rates. The 0.25% rise means that UK interest rates are now set at 5%, the highest they have been for five years, and will certainly result in an increase in repayments for some borrowers and mortgage holders.
MoneyExpert: Raid Your Current Account, Not Your Savings
Overspending on current accounts has been identified by 23 per cent of people as the reason why they had to dip into their savings.
This Is Money: Poor Deal From Pension Shake-up
A radical overhaul of pension saving could result in poorer company pensions for millions of people, says a major report
Scotsman: Matthews Fears ‘can’t Save, Won’t Save’ Culture
EASY access to credit and overspending is widening the already large savings gap in the UK and is causing great concern, according to Trevor Matthews, chief executive of Standard Life Assurance.
Motley Fool: Find £100 Extra A Month To Be Safe
Unsurprisingly, interest rates have just been raised to 5%. I’m not going to dwell on the obvious. (Expect your mortgage rate to rise soon, look out for better savings accounts – blah blah blah). Instead I’m going to consider how to stay solvent and prosper during a prolonged period of rising interest rates.
Motley Fool: Start Saving With Just A Quid!
First the good news: according to a new survey from Sainsbury’s Bank, there are 39 instant-access, easy access and notice savings accounts which pay annual interest of 5% or more before tax. Now the bad news: the majority of these accounts are aimed at serious savers, because only twelve pay 5% gross AER on balances of £1 or more (including Sainsbury’s own Internet Saver Account). One problem with these high-paying accounts is that many rely on introductory bonuses to boost their interest rates, which then disappear after, say, six to twelve months. In addition, a number impose restrictions or penalties on withdrawals. For instance, several table-topping accounts pay no interest in any month during which a withdrawal is made. So, take out just £20 and you lose one month’s interest on your entire balance, even if you have thousands of pounds sitting there. Ouch!
Motley Fool: Five Ways To Increase Your Christmas Coffers
I was watching an unfortunate victim of the Farepak fiasco being interviewed on television the other day. She had been saving £25 a week for months with the Swindon-based firm which ran a savings scheme for 150,000 people for vouchers and Christmas hampers until it went into insolvency last month. Her Christmas would be ruined, she said.