The hunt for better returns on your savings continues! When it comes to managing your money, it can be difficult to know where to look and who to trust with your money. I regularly come across local people who have lost money from scams, either online or face to face. People will listen to friends or family members who say that “they have done this or done that” with their money. In the end, most people opt for the simplistic route and talk to their bank? The problem with the banks, is that interest rates are so low across most of their savings products, that clients generally opt for a cash ISA paying less than 2.5% per year and think their money is safe. Well their money is safe if they have less than £85,000 with one provider, as the FSCS will protect those deposits and 24
you are guaranteed to get your money back if the bank failed. But what about inflation, which is currently at 2.2% and the potential for this to rise in a post Brexit world? Your cash may be safe in the bank walls, but inflation is eroding your capital and its spending power. (information correct at time of going to press December – 2018).
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So, what can they do? That’s the question most new clients ask when we meet with them. There is no simple one size answer, it depends upon your circumstances. What we can do as a fully regulated financial services company is search the entire market to find you the right solution. That may be an ISA, a bond or another solution.