Independent Financial Life Planners Bishop's Stortford: 5% on your savings?

Friday, 28 March 2014

5% on your savings?

Despite the budget purportedly being for savers it is still a bit hard to see what you should do with any cash. The record low interest rates for savers over the last few years have been shocking especially following the government’s launch of the Funding for Lending Scheme in July 2012. The scheme has now been re-focused to business lending and has allowed Banks and Building Societies to recapitalise but the effects been disastrous for savers. The longer term outcome has been that the will for provider to try and bring in new savers has simply not been there and the competition to sell savings accounts has virtually vanished.

The only light out there and the accounts with the high interest are current accounts and they have become the only beacon of light for savers as standard savings account rates have plummeted to record lows. Obviously, high interest current accounts are just savings accounts going by a different name, many of them are quick and easy to open online and pay more than 2 or 3 times the interest of easy access accounts. If you’re willing to look at all the options you might be able to earn up to 5% and still have access to your cash on some current accounts.

Enable’s IFA’s would almost always say that one of the best things to do in all things financial is to spread your assets, looking at some of the top paying current accounts you might be able to increase your returns without the hassle of having to change your current bank account.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE

No comments:

Post a Comment

IFA Bishop's Stortford

At Enable Independent we know that our clients trust us and rely on our advice to help them to plan a better, more secure financial future. This is a responsibility that we take very seriously especially because we know that many clients have chosen us on the recommendation of friends and family. Each one of our advisers has deep expertise in their area of specialist knowledge and, as a team, we hold some of the highest qualifications available in the financial advice industry.

Our job satisfaction comes from using our skills to find workable, affordable and flexible solutions to meet our clients needs. Whether we are planning for known future funding requirements such as house purchase, school fees or income in retirement - or for the unforeseen such as job loss, long-term illness or early death, our independence from any product provider enables us to view the marketplace impartially. Our training permits us to look beyond a product's marketing hype and select on the basis of its fitness for purpose.