Many best rates are easy access and notice options rather than ones that lock money away
This week’s news that inflation stayed steady at 4% in January means it is still possible to put your money in a savings account with an interest rate that beats the rising cost of living.
Returns on fixed-rate savings accounts have been falling, but, so far, variable rate deals have remained unchanged.
Continue reading...People who want to buy property costing more than £450,000 say they unfairly face losing money
Campaigners are pressing for changes to a UK government scheme for would-be first-time buyers that “fines” people if they use it to buy a home costing more than £450,000.
Martin Lewis, the founder of MoneySavingExpert.com, is among those calling for an urgent revamp of the rules that apply to lifetime Isas, which let people save for a first home or for their retirement.
Continue reading...Higher interest rates and move away from cash isas means hundreds of thousands more people may be hit
Higher interest rates look set to land hundreds of thousands more people with an unwelcome tax bill for their savings, a financial advice firm warned this week.
A couple of years ago it was typically only the wealthiest with very big nest eggs who had to pay tax on their savings interest – but now someone with an emergency savings pot of about £8,000 could find themselves falling foul of this little-known tax trap.
Continue reading...From building up a nest egg by earning interest on small change, to using an app for budgeting
There is no point trying to save if you are burdened by costly debts.
Continue reading...A study has shown that by the age of seven they can grasp the lessons they need to learn to avoid financial problems in the future
The early experiences children have with money can shape their financial behaviour as adults, according to a study published by the UK government’s MoneyHelper service. By the age of seven, the University of Cambridge study found, most children are capable of grasping the value of money, delaying gratification and understanding that some choices are irreversible or will cause them problems in the future. The research suggests children who are allowed to make age-appropriate financial decisions and experience spending or saving dilemmas can form positive “habits of the mind” when it comes to money. This could lead to a lifelong improvement in their ability to plan ahead and be reflective in their thinking about money, or they may learn how to regulate their impulses and emotions in a way that promotes positive financial behaviour later in life.
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