Superior Savings Accounts by Finance News Bulletin
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Published: 13/12/07
The Northern astound fiasco certainly got a lot of us thinking For the first time, you probably questioned how secure your money in fact is in a UK savings accountMany people had no idea that their savings were covered by the Financial armed forces Compensation Scheme (which now covers 100% of our money in a savings account but only up to £35k) We've realised that should we have more in a savings account than this, it would be wise to split it up into manifold accounts with a £35k maximum in each
What's more, we've exposed that even doing this is not as simple as it sounds as we first need to ensure each explanation has its own banking licence to make it eligible for a potential maintain in the first place Complicated, ehWell, at least it's made many more of us sit up and pay notice to what our savings are doing And so we should - after all, we work hard for our cash, so it makes sense to ensure it is protected and earning a great speed of interest
And despite the information the Bank of England recently chose to slash interest rates to 55% (great news for borrowers, but not so good for savers) there are still some great investments rates available So if you've filled your cash ISA allowance for the day (or have no intention of using it) here are some of the current best buy investments accounts in which to stash that cash:ICICIHiSave 641% No notice £1 From 1st of January 2008, our Annualized Equivalent speed (AER) rate is guaranteed to be 0
30% above store of England base rate plow 31st of December 2011Icesave Easy Access 630% No notice £250 Rate is guaranteed to exceed the Bank of England bottom Rate* by at least 025% until 1 October 2009 and thereafter not to be lower than the Bank of England bottom Rate until 1 October 2011
It's also value noting that Birmingham Midshires is currently offering 641% with its Internet Saver account This includes a 021% extra for six months but comes with the stipulation that you won't earn any interest in any month you create a withdrawal, so not perfect if you like to be able to access your money regularly
These accounts are clearly high-quality for anyone already with a lump of savings But what about those of us that are just starting to save In this situation, an option (and potentially more lucrative) home for your money could be a usual saving accountInstead of having free access to your cash, regular investments accounts ask that you do exactly that, and regularly put aside a set sum each month (typically £25+, although some will believe £10+)
Rates of interest are usually senior (sometimes significantly so) than instant right of entry savings accounts, but in order to earn that rate you'll have to create sure you don't miss a payment for at least a year And while this may seem a little restrictive, it can be a great instrument for encouraging those that have failed to save in the past to make a nest eggNow it's worth noting that the "headline grabbing" usual savings accounts tend to only be available to savers that already have another product with the provider For example, Alliance & Leicester at present offers a whopping 12%AER on its Premier Regular Saver, but to unlock one you'll need to already have one of its Premier current accounts
However, as these current accounts are market best in their own way, it can be worth investigating, if you're considering touching current account anywayBut for those that are keen to put aside regularly and earn a good rate without being required to take out extra products, Leek United BS is currently paying 75%AER on its Regular Savings explanation, which requires monthly deposits of £10-£250Britannia BS is also paying 7
5%AER on its 1 Year Fixed Rate Regular Saver, with journal deposits of £25-£250 required And Abbey also offers a set speed Monthly Saver (Iss 7) currently paying 725%AER on deposits of £20-£250 per month
So if you've already used up your 2007/8 Cash ISA allowance (or you have determined to take out a maxi evenhandedness ISA) take a look at your savings needs If your cash is floundering in a poor paying account, now may be the time to move it And for those people, whose New day's resolutions were to get into the savings bit, why not make sure out regular investments accounts You may just find they're perfect for your needs
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Batten down hatches for the debt storm - Published:12/12/07
Warning signs are irregular, costs are up, house prices are down and homeowners should support themselves for a rocky rideThe manufacturing has issued a grim warning on mortgage lending What does it denote for you Editor's commentGet an idea of some of the best mortgage interest rates on the market with our tables >> Mortgage ratesNext year will be a tough one for many homeowners, especially those coming off temporary mortgage deals The puff up of bad debt in the banking division that brought Northern Rock to its knees refuses to dissipate and could get worse, meaning banks and building societies will be less willing to offer cheap loanshome prices have started to slide and consumer confidence in the financial system is at its lowly for four yearsThe Financial Services Authority has warned that up to 14m borrowers coming off cheap, two-year set rate deals in the coming months are susceptible to the shock of higher mortgage costs and tightened lending criteriain spite of a quarter-point base speed cut by the Bank of England on Thursday, many lenders will delay transitory on this saving or not reproduce this fully in their new mortgage ratesAnd the best two-year fixed speed deals are now about one percentage point senior than two years ago - 54% compared with 45% - adding almost £60 to monthly repayments on a £100,000 mortgage with 25 years to runFor borrowers looking for a novel deal but who have a poor credit history, the picture is even bleaker They are faced with a mixture of punitive interest rates and tighter lending criteria Many lenders are insisting that borrowers have at least 25% evenhandedness in their house compared with 15% equity this time last yearKensington Mortgages, based in interpretation, Berkshire, a specialist in the sub-prime market, has closed its books to new commerce In some cases borrowers with deprived credit could find it impossible to refinance their home loansRay Boulger at agent John Charcol in middle London says borrowers should not panic 'Only those with adverse credit are having difficulty remortgaging to a spirited contract,' he says'That's not to say the market won't be tougher next year All borrowers coming off particular deals should brace themselves to pay more But there will still be abundance of good fixed and tracker deals available'Borrowers coming to the end of a mortgage deal in the first half of 2008 should start thinking now about their next move It is vital for homeowners, particularly those with praise problems, to act near the beginning and get advice from an independent broker who can search the whole of the mortgage market for new loansBath, Somerset, suggests talking to your there lender first, as this will give you something to compare new mortgage offers against'If it can offer you a sensible deal it is worth considering, particularly as staying income there won't be any need for a novel valuation of your property or credit checks,' he says'But the bulk of borrowers should not have any difficulty switching to any deal in the marketplace if they want to take advantage of the best tax'Most mortgage deals can be reserved for up to three months and some for up to six months But Boulger says: ' Borrowers who want fixed tax and can afford to wait could get a better deal if interest tax are slash again in the first few months of next year'Darragh O'Hare, 32, who mechanism in human resources, and his partner, social servant Lyndsey White, 27, have just remortgaged to a ten-year fixed-rate deal to protect themselves from economic doubtStenhouse, Edinburgh, for £120,000 they took out a fixed-rate mortgage for £112,000 at 45% with store of Scotland But when the fix came to an end, BoS could offer set rates only at close to seven per cent'We required to fix again for payment safety, but the deal offered by our existing lender was too expensive,' says Darragh 'We were a small piece concerned at first, but after using a broker we found a ten-year set rate at 595% with Co-op Bank' The loan is transferable if the couple move houseThere are other ways borrowers can keep their mortgage costs under manage For those in real difficulty, rising the term of the mortgage or switching to an interest-only loan will transport down monthly payments But doing this will increase the amount of interest borrowers pay back in the long wordGoing 'interest-only' should only ever be considered as a last resort and borrowers should switch back to a refund loan as soon as possible, in case they risk not being able to pay off their mortgage at the end of the wordHollingworth says: 'All borrowers should consider overpaying on their loan Even if tax fall again next year borrowers must understand that there has been a sea change in the mortgage market and should get ready by receiving their finances in shapeI am a muppet who retired to Spain Yes we have cheaper accommodation etc But we are recurring to the UK after 3 years Cheap expenses of living does not make up for missing your relations Also what seems cheap to us ex pats is expensive to the Spanish as their pay are lower than the UK and they have the same evils ie FTB's can't get on the housing ladder, cost of livelihood has risen, health repair has started to suffer and crime These are the things which don't get tinted in the UK when attracting people to give up work to SpainI have been a Landlord for 20 existence and never experienced anything like this market I contract only locally (St Helens) Asking prices in estate agents have not fallen at all, but barely anyone is buying Most properties in this area that go into auction have not been selling for the last few months I recently bought 3 properties for considerably less than 'market value' - one about 50% less The state of affairs appears to be: if you need to buy then you have to pay a price that has not fallen But if you are a forced seller - wait for about 20% less (and even then you may be unlucky)Many of my tenants have unaffordable debts, which they take out in the belief that they will never have to pay them back Experience shows that they are probably rightI fear like other goverment figures that the unemployment figures are lower than they should be They have a number of plans to make people disapear from the figures like Tax Credits, final job centers and making it harder to meet the criteria for benefitsCalm down everyone As long as levels of employment wait strong,and interest rates trend downwards, there should not be reason to be anxious about houses prices or money owing People are mainly sensible and optimistic There's nothing high-quality nor bad than thinking makes it soMuppets who have abandoned the UK You should attempt it - cheaper housing, better healthcare, lower crime, better quality of life etc etc etc You should try it, rather than shacking up in overcrowded, crime ridden, expensive tear off BritainThe UK is a rip off due to the cheap money that has been swilling around for the last 10 years since Brown got his hands on the purse stringsConsumers have been hypnotised into believeing they are wealth as their houses are value so much (WRONG) on the whole now everyone who has been lulled into this false sense of security will have to get their families out of huge debt and ridiculous interest ratesSalaries have not gone up hugeley in the last 10 years, therefore the Debt Trap has been sprung and rather than having a pleasant little nest egg for our children we are going to have a battle to clear the money owing ie millions of people may well pass absent in debt (Thanks Mr Brown)Mike may not desire the Euro, along with Mr Brown, but the money markets do Who is correct Only time will tell, but I'm glad that I'm salaried in EurosThe euro is the last thing we want That can be left for the muppets who have abandoned the UK to go and live in Europe John is totally right - 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Save 2,000 by kicking smoking habit - Published:31/08/07
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