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KNITTING MAGAZINE FROM ENGLAND ISSUE 48 MARCH 2008 |  |
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There was much talk about the great benefit when interest rates fall - the borrowers. But what about people that rely on a reasonable amount of interest in their deposit accounts - for savers?
Lower interest rates are a nightmare for investors, and the Bank of England (BoE) reduced rate even more, what are the options you have if you are an investor?
National Savings is often chosen by investors seeking a place safe for your money with a reasonable interest rate. Even Premium Bonds have become a victim of the rate of slaughter.
As the banking crisis lasted many National Savings and investment flooded with new fields. This was perhaps understandable, given the 100% guarantee offered by the government.
But, After the rate cut, premium funds rate bond prices fell to a mere 1.8% per year. This means that the chances of winning a prize of 24,000 was reduced to 1 in 36,000 to 1 miser.
Index linked savings certificates have also been reduced significantly, now with only 1% above inflation over 3 to 5 years. On second thought, maybe this will be interesting.
Moreover, these rates should be revised once more that the base rate was reduced to 2% this week.
We would like to get some easy answers. However, there are none. The best course of action for investors is the revision in which invest on a regular basis.
Before the last rate cut to take the BOE rate of 2%, there are several vendors that offer a rate of 5.0% PLUS. Because these providers are responding to a greater reduction in the rate of BOE, will have to check again and again all the different offerings in the coming weeks.
By example, a salesperson, to be included in any investigation is the Anglo-Irish Bank Easy Access Deposit Issue 2. The account (for now) pays 5.25% but it is important be aware that their deposits are guaranteed by the Irish Government until September 28, 2010.
In addition, withdrawals will be sent to perform by CHAPS, which means you're guaranteed to hit your account named the same day (if the request is made before 2pm). This is good for those who need quick access to your money, and is faster and more reliable than the usual options. It is also always completely free by the Anglo-Irish, which seems good for we.
Moreover, one of the major problems facing investors is when a high speed is available, but very quickly the low provider rate, you're back to square one. If this concerns you may have that is time away from the boards of Best Buy and focus on more consistent accounts instead.
According to Moneyfacts, the Internet's most consistent account over 36 months is Sainsbury's Internet Saver. When it pays 3.5% AER, which represents about two thirds the rate of interest paid by some accounts, but it was consistent with the long term and provided the best performance of £ 1,000 over three years.
If Please note - regular readers will recall in previous articles, also discussed the compensation scheme for depositors, currently set at £ 50,000 per investor per institution mark (no). If you have amounts greater than this to bail, should "spread their eggs.
The bottom line Financial Advice
At the moment the most important thing is to keep your eyes on the ball and be ready and willing to be proactive to go if their savings rate is suddenly left behind.
Action Item
The difference between the accounts rates may be important. Do not be unprepared. Use sites like Moneyfacts consult the various offers suppliers. Act now to protect the profitability of your savings!
About the Author:
Ray Prince is an Independent Financial Planner with Rutherford Wilkinson plc, and helps UK Resident Doctors and Dentists get the best deals on mortgages, protection and investments, as well as helping them achieve their financial objectives. Click here for Financial Advice for UK Doctors and Dentists and to get your free retirement guide, How To Avoid The 7 Most Common Retirement Planning Mistakes. Rutherford Wilkinson plc is authorised and regulated by the Financial Services Authority.
Article Source: ArticlesBase.com - Bank of England Base Rate Reduction - What About the Savers?
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