TODAY’S BLOG
IT IS IN YOUR INTEREST
You may have noticed a press release by National Savings or more accurately, NS&I – of for most of us “the post office”. Sadly, we all know that cash savings rates have been in the doldrums since the financial crash and took yet another nosedive (who would have thought it possible?) in March once Covid became something that the Government actively noticed.
Over the last few months, I have been suggesting various cash deposit solutions and NS&I has been one of them. Now that rates are at rock bottom (hopefully they cannot get worse) it is a good time to review where your cash is and what rate you are receiving.
MORE HIGHLY RATED
As you may have gathered from previous posts, we can provide access to online cash management solutions, these are designed to achieve two things. Firstly, to get a better rate, secondly to keep funds within the £85,000 FSCS protection limit. An additional benefit is that you only need to apply once, as rates come to an end you simply reselect the best from those available via the service. There is no additional paperwork or hassle trawling to find the new “best buy” only to discover it has ended or is about to.
Get in touch if you wish to know more about this, it is a service relevant to individuals, business owners, Trusts and Charities (so pretty much everyone).
Anyway, here are the changes announced by NS&I this week.
| PRODUCT | RATE NOW | RATE FROM 24/11/2020 |
|---|---|---|
| Direct Saver | 1.00% | 0.15% |
| Investment Account | 0.80% | 0.01% |
| Income Bonds | 1.15% | 0.01% |
| Direct Cash ISA | 0.90% | 0.10% |
| Junior ISA | 3.25% | 1.50% |
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
GET IN TOUCH
Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT
Email – info@solomonsifa.co.uk
Call – 020 8542 8084
GET IN TOUCH
Solomon’s Independent Financial Advisers
The Old Bakery, 2D Edna Road, Raynes Park, London, SW20 8BT
Email – info@solomonsifa.co.uk Call – 020 8542 8084