Good news for savers

Article Abstract:

United Kingdom savers are benefiting from higher interest rates, and some instant access accounts are offering more than 7%. Savers should ensure they are not tied to a particular fixed rate which could penalise them if rates rise elsewhere. They need to study the market on a regular basis to select the best rate, and this is more important than general predictions about the economy. Rates tend to be higher for larger sums, and they are also higher if funds are committed for a longer period.

Savings Institutions, Savings Account Services, Interest rates

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Usury? Schmoozery - smart ways to borrow

Article Abstract:

There is competition of offer loans to private individuals in the UK, and this means that interest rates are low. Agreed overdrafts are a cheap way to borrow, though the cost can be pushed up by monthly fees. Personal loans offer fixed rates of interest. Credit card debt can increase rapidly but is flexible. Borrowers should assess rates bearing in mind whether they pay off each debt each month, in which case low annual fees are important. Store cards tend to charge high interest rates.

Bank Credit Cards, Prices and rates, Credit and debit card industry, Credit card industry, Loans

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Wake-up call for Tessa savers

Article Abstract:

UK tax exempt special savings accounts (Tessas) for UK savers are maturing in 1996 and savers face a drop in interest rates if they do not invest promptly. Some 6 billion pounds sterling invested in Tessas has matured. Savers are permitted to invest to a maximum of 9,000 pounds sterling rolled over from maturing Tessas into second-generation Tessas. Inaction means funds are moved into savings accounts with lower interest rates that are taxed.

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