Best Cash ISA Rates

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Best Cash ISA Rates?

This is an up to date list of some of the top rates for a variety of accounts, it is not an exhaustive list, it is not advice and you need to check the detail – I suggest using the moneyfacts website, which is reasonably good at cutting to the chase. Banks and Building Societies are not alike. The parentage of Banks needs to be considered for proper protection under the FSCS. Rates remain poor and despite rising inflation, there is little appetite amongst banks for providing higher rates of interest.

Make sure that you are not paying tax on interest if it can be avoided (accounts held in non taxpayer or basic rate taxpayer name for spouses).

Two Year Deposit

Online: Post Office 3.96%

Bank: Clydesdale 3.82%

Building Society: National Counties 3.76%

One Year Deposit

Online: Derbyshire 3.55%

Bank: Santander 4.20%

Building Society: Barnsley 5.00%

Cash ISA – Fixed Rate

Online: Governor Money Progessive BS 4.50%

Bank: Halifax 4.40%

Building Society: Barnsley 5.00%

Instant Access

Online: Derbyshire 3.16%

Bank: Santander 2.50%

Building Society: Nottingham 3.25%

Cash ISA – Variable Rate

Online: AA Savings 3.05%

Bank: Santander 4.00%

Building Society: Newcastle 3.05%

You will recall from your history lessons that the English and Spanish had a few scraps at sea. It has been 423 years since the Spanish Armada attempted to remove Queen Elizabeth I from the throne after she refused the offer of marriage from Philip II. Today the relationship between Spain and England is significantly better. Santander, a global Spanish bank now has a significant high street presence her in Britain, not to mention appearances as the lead sponsor of the McLaren Formula One team. Their advert suggests that they are driven to do better than other banks, I wonder if you have any thoughts on this? Investor compensation was not really that widely available in 1588 but in 2011 you would be wise to check what compensation and investor protection is available for your deposits – in Spanish banks or anyone else’s. Details are found at the FSCS website. You have been warned. One of their adverts appears below, this is not an endorsement or advice to use Santander.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Best Cash ISA RatesDominic2023-12-01T12:48:53+00:00

National Ethical Investment Week

Yesterday I was at the Houses of Parliament for a function as a part of NEIW2011. Social Impact investing was very much on the agenda as was helping to spread the word that there are choices about investments that the vast majority of people do not access. I’ve been advising on ethical investment since 1992 and much has changed over the years. If ethical investing or even, alternative investing is something that you would like to explore in more detail with me do get in touch. Here is a short video from NEIW.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

National Ethical Investment WeekDominic2023-12-01T12:48:55+00:00

Private Medical Insurance – Review Your Cover

Private Medical Insurance (PMI) is not an area of expertise – there are too many other things to master. Fortunately I do have a really good expert in this field that I refer work to. Private Medical Insurance can be very expensive – but so can the cost of private healthcare. We all know that some things are worth paying more for – in the case of PMI, this is particularly true, provided that you understand what you are covered for. This is one type of insurance that a comparison website is of little real value – because the key issue is whether the cover is any good.

Stephen Freedman is a Senior Account Manager with The Health Insurance Group, who specialize in both corporate and individual health insurance. Stephen, is a real expert in this field and is well worth speaking to about any PMI cover that you already have or if you are thinking of applying for cover.

This is an area of cover that is widely misunderstood. An FSA report from 2010 with data from 2008 reveals that the average PMI premium was £1,604 (which was an increase of 6.3% on the previous year, faster than inflation). In 2008 only 26% of all PMI was bought via an expert broker, the vast majority was bought online or direct. This probably explains the low average premium – which would be effected by the significant “direct sales”. My concern is that it is probable that most cover is not that good, being cost driven (cheapest) rather than quality driven – which is what this sort of cover is really all about. Obviously, if lower premiums for high quality cover can be achieved then this ought to be the goal, but this is where a thorough discussion of what is and what is not included is pretty vital.

If you would like Stephen’s details please send me an email and I can get him to contact you for a review of your cover

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Private Medical Insurance – Review Your CoverDominic2023-12-01T12:48:56+00:00

A Case of Mistaken Identity?

I’m aware that the my chosen company name is not unique. Several years ago I learned that there was another firm with a very similar name – called Solomon Independent Financial Advisers Ltd, based in Hong Kong. The principal (Connie Leung) and I shared a quick email greeting one another and noted that the similarity in company names may cause confusion at some point, so to be aware of this fact. I don’t have a double, much to the relief of all!

Over the weekend I read that the firm in Hong Kong had been fined $1.5m by the regulator in Hong Kong and that the principal has had her license suspended for 7 months. Just for the record, our firms are not connected in any way – the fine and temporary suspension relate to the firm in Hong Kong. This has nothing to do with me here in the UK, but I can see how this might give rise to a case of mistaken identity, particularly as there are members of staff at the Hong Kong firm that have links to both the UK and the USA.

Whilst we are on the subject – there’s also a firm in Jackson, USA who are also unconnected to either myself or the firm in Hong Kong. I hope that this allays any fears – should you have come across the other company and confused it for Solomon’s IFA here in the UK.

DT

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting

A Case of Mistaken Identity?Dominic2023-12-01T12:48:58+00:00

Obama Thwarted Again – US Require Economic Viagra Equivalent

Obama Thwarted Again – US Require Economic Viagra Equivalent?

Republican senators have produced yet another blow to the US President by preventing his $447bn job creation bill (The American Jobs Act) a significant set back. The bill brought before the American political system in September won the smallest majority a vote of 50-49 where a vote in favour required 60.

Sadly this is bad news for us all. The American system is obsessed with short-term political career manipulation, frankly its a wonder that there isn’t a new American revolution as their politicians are struggling to make important decisions about their collective future. Creating jobs and decreasing national debt is not a theoretical game that politicians should be point scoring, but a vital requirement to re-establish the basic requirements of a growing economy and flourishing society. Whilst some US politicians carp at the stagnation amongst the European Union partners, there is a significant degree of pot calling the kettle black.

It is now high time that either politicians did what they are meant to do – lead nations, making decisions that work for the wellbeing of their respective populations, rather than simply attempting to secure their own futures. Obama may have been the great hope for America, but he certainly has not been given much opportunity to implement his policies to actually save the day.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Obama Thwarted Again – US Require Economic Viagra EquivalentDominic2023-12-01T12:48:59+00:00

Asset Allocation Review

We have posted the revised asset allocation models to clients today, these should be with you by the weekend. The printed pack will include an instruction letter for you to sign and return in the first class Freepost envelope so that we can implement the changes to your portfolio. We cannot (and will not) make alterations to your portfolio without your permission as we are not discretionary fund managers (meaning we do not act under our own impulses to move things around and then tell you what we’ve done after the event).

Please let me know if you do not receive this and expected to do so.

We are a boutique firm of financial planners. We create financial plans designed to achieve a desired lifestyle. We will craft and implement your plan that will provide you with the greatest chance of accomplishing your unique goals based upon the values that you hold. Financial products are little more than the tools to achieve your required results
Call us today or visit our website for more information and to arrange a meeting

Asset Allocation ReviewDominic2023-12-01T12:49:00+00:00

Moody Blues

Mood Blues

Today, Moody’s – the credit rating agency have downgraded their rating of several (twelve) UK banks. Before we all panic, let’s pause a moment to reflect. You will recall that the credit ratings agencies failed spectacularly to appropriately rate Retail Banks, Investment Banks and Nations. To say that the credit rating agencies were left looking rather stupid in 2008 would be an understatement. In recent months and today we have seen Moody’s and other downgrade the ratings for Banks and nations. Whilst there are serious economic concerns, which I would not wish to downplay, the reality is that lower gradings (or ratings) are surely more accurate and reflect the reality that many institutions are less sold than previously supposed. This does not mean that they are about to collapse. Remember that so far no major UK retail bank has become insolvent and UK savers are protected on the first £85,000 of their deposits in a single institution. See the FSCS for more information.

Good practice in the current climate would suggest spreading cash deposits across banks, but there is no good reason at this point to withdraw your cash and stick it under the mattress. We need the banking system to run our day-to-day lives, whilst it may have lots of problems and there are plenty of fairly dubious characters around in the industry, no one has any good reason to see the bank system stumble or fall. May I suggest that this is more a case of once bitten, twice shy.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Moody BluesDominic2023-12-01T12:49:00+00:00

Are We There Yet? In A World Where The Maps Are Being Redrawn

Many of you may know that I enjoy the theatre which of course is in constant supply here in London. On Friday I saw a production of “Driving Miss Daisy” which is currently playing at the Wyndham’s Theatre just off Leicester Square. I had not seen the original oscar winning film, but was looking forwards to the prospect of seeing James Earl Jones (the voice of Darth Vader) and Vanessa Redgrave. Sadly the latter was ill, but her understudy was very good indeed.

The story is set in the last century and concentrates on the relationship between two “outcasts” in American society at the time – the Jewish Miss Daisy and her black chauffeur. This is set against the backdrop of a rapidly changing society in America – from post second world war to the civil rights movement. A time that saw America dominate global economies with high levels of production and increasing personal wealth, when America literally became the engine driving the world.

The story is wonderfully told, with a clear appreciation of the power of friendship and loyalty. This is captured by a moving performance. It reminded me that we are perhaps in the last days of the American empire as western power gradually collapses and makes way for Eastern ideas. I’m not suggesting that this will happen overnight, but it does appear to be happening. As a society develops, it tends to have a number of casualties, the construction of the US empire was predominantly fuelled by building and equipping the world with weapons, whilst providing credit to pay for them (as outlined by the economist Dambisa Moyo in her book “How The West Was Lost“. Despite difficult circumstances, holding to basic principles and remaining open to change is how, in the end, we get there.

The play runs until 17th December and one that I would highly recommend. The show has come from Broadway, where it played at the start of the year to rave reviews.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

Are We There Yet? In A World Where The Maps Are Being RedrawnDominic2023-12-01T12:49:01+00:00

FUNDS: Jupiter Environmental Income

I have only just been informed that the Jupiter Environmental Income Fund has been renamed as the Jupiter Responsible Income Fund – which actually happened last Monday. Not only is there a name change but also a reclassification of sector, from UK All Companies to UK Equity Income (IMA sectors). Jupiter believe (and presumably the IMA agree) that this is a more appropriate category. The objectives and charges of the fund remain the same.

Interestingly the reclassification has not exactly helped the performance ranking of the fund, which now sits in a group of 70 or so similarly categorised funds. The UK Equity Income sector is defined as “Funds which invest at least 80% in UK equities and which intend to achieve a historic yield on the distributable income in excess of 110% of the FTSE All Share yield at the fund’s year-end.”

The latest data from the IMA for July 2011, shows that the UK All Companies sector has £106,461million under management compared to £55,732million in the UK Equity Income sector – so half as much. The newly named Responsible Income Fund is a fund that some of our ethical investors will be familiar with.

I’m sure that Jupiter are hoping that the current Fund Manager, Chris Watt will be a rising star as he searches for income returns where… well probably quite a few have gone before. Sorry I couldn’t resist the temptation to somehow get in a Star Trek line. Chris Watt, manages the Jupiter with around £35m in the pot, the 2009 Paramount Star Trek film directed by JJ Abrams has recorded gross sales of $385m. So some catching up to do…

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

FUNDS: Jupiter Environmental IncomeDominic2023-12-01T12:49:03+00:00

The Complexity of Winning

The Complexity Of Winning

I’m often to be found in Richmond Park walking my dog, which at this time of year is more awkward than usual due to the rutting season as stags begin to fight their way to the top of the food chain. This is an amazing spectacle, but one that is also somewhat dangerous and walkers (and dogs) need to be careful as the mood of deer is not that predictable. Certainly antlers can be rather sharp and the prospect of being gored by a stag who just doesn’t like your company is not something to take too lightly. Several people have been injured in the last few days.

All the gesturing reflected so evidently in nature is also witnessed amongst politicians as we are now in the mid-flow of conference season and of course in the combatant world of commerce and high finance, which appears to be finally approaching some form of agreement, though there are concerns that the inevitable problems are merely being pushed further into the future. One would like to think that being human and thoughtful would have meant that there is rather less bullying and fighting to get to the top, indeed a lot more thoughtfulness is required to “win ethically”.

As I dodged the deer and hundreds of cyclists speeding around Richmond Park at the weekend, I was reminded of World Road Cycling Championship in Copenhagen. Britain now has a new World Champion in the form of Mark Cavendish. A man who is now at the top of his sport. To be a World Champion in pretty much anything requires a huge commitment and focus. However spare a thought (as he did) for the other seven British riders that helped him get to the line first. These are all people who presumably train just as hard and bar the last 500 metres, were protecting him and leading him to the front. It takes a different sort of person to put aside their own ambition to help another win and a reminder that playing your part is more important than everyone trying to be the same (world champion). The end of the race was incredible. Have a look at the clip on the BBC Sport website.

Dominic Thomas
Solomons IFA

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

The Complexity of WinningDominic2023-12-01T12:49:04+00:00