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Finance
Mortgages, pensions, loans, shares, savings |
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Where to save
Where to save
You have the cash, you know how long you want to save for, so now you need to know where to put it.
So many choices…
It seems these days that we can save anywhere. Banks, building societies, supermarkets and the Internet all offer us places to stash our hard-earned cash.
What’s the difference?
Apart from the physical appearance, the differences between these places are few and far between. They all seem to offer similar interest rates, features and choice. Some supermarket accounts have joint ventures with banks, whereas Internet accounts such as Egg are solely online.
Deciding what you want
Ask yourself some questions before deciding;
1. How do I want to manage my money?
2. How do I want to access my money?
3. What rate of return do I want?
Some Instant Access accounts only allow you to withdraw large sums of money by written request, which isn’t very instant to me! It’s best to check these things out before making your final decision.
Business Savings
It can be a good idea to have a savings account linked to your business account so you can put aside money for the Inland Revenue. By ‘linked’ I mean having both accounts at the same institution. This will ensure that you can move your money around hassle-free. For this it’s better to have an account where there are no limits on deposits or penalties on withdrawals.
The links section of the Finance section is now up and running, as is my space, so go and check them out!
Fiona Seymour-Jesse
SJ Copy
PS: In reference to my article the other week (Payment Protection Insurance), Capital One has recently been fined £175,000 for mis-selling! So think carefully before taking out PPI.
http://uk.biz.yahoo.com/20022007/389/ppi-protection-racket.html
Useful Links
Moneyfacts
http://www.moneyfacts.co.uk/savings/default.aspx
Articles
Banks and Building Societies
http://news.bbc.co.uk/1/hi/business/2965412.stm
Concise history of banks and building societies-
http://wsgfl.westsussex.gov.uk/ccm/content/learners/economic-wellbeing/banks-societies/banks-building-societies.en?page=4
Treating supermarkets like banks
http://money.scotsman.com/scotsman/articles/articledisplay.jsp?section=Banking&article_id=4608180
The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made
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