While debt is often seen in negative terms there can be times in life when it is not only a necessity but can lead to a better financial position. That is if is done in the right way. Broadly speaking some debts can be termed as ‘good’. These are ones where the outlay either brings […]

Disappointing interest rates on everyday savings accounts and other investments mean investors and everyday savers are looking for alternative places to put their money. One of these is long-term savings accounts. Long-term savings accounts have several advantages. The primary advantage is they usually offer a higher rate of interest albeit that the money invested is […]

Planning for retirement is no easy task as this is related to lifetime earnings and anticipated needs in later life. People’s needs, or their perceived needs, vary widely. However, there are some facts and figures which can be used to ascertain the minimum amount of money you would need to be able to retire in […]

To obtain a full state pension upon retiring, individuals need to have built up a required 35 years of NI contributions. Those missing the full 35 years of contributions face receiving a reduced State Pension when retiring. For those who have not got this number of years in full, it is possible to purchase NI […]

Transferring your Individual Savings Account (ISA) to a new provider for a higher interest rate might seem like an attractive option. However, it’s crucial to familiarise yourself with the rules surrounding ISA transfers to avoid potential pitfalls. Key rules for transferring an ISA: One ISA per type, per tax year: Keep in mind that you […]

Pension savers were given a boost by two key announcements made by the Chancellor, during his Spring Budget. The lifetime allowance of £1.07 million that can be saved into a pension has been scrapped with no upward limit now existing on what can be saved. The lifetime allowance relates to the total amount of money […]

An individual savings account (ISA) is a tax-efficient way to save or invest your money. Each tax year, you can invest up to a certain amount of money into your ISA tax-free, known as your ISA allowance. The current ISA allowance for the 2022/23 tax year is £20,000, which means you can save or invest […]

Maximising your pension allowances can help you achieve your retirement goals and ensure that you have enough money to live on when you retire. The UK Government provides several pension allowances, and it’s important to understand these allowances and how to make the most of them. Annual Allowance The Annual Allowance is the maximum amount […]

UK savers are voting with their feet and changing accounts in large numbers in the hunt for higher interest rates. There was a reported 317 per cent increase in the switching of accounts in the last three months of 2022. This accounts for a total of £73.5 billion being put into new savings accounts and […]

The headlines are full of stories about rising interest rates and their impact but it is the real interest rate that matters. Interest and inflation interact in a variety of ways. Inflation affects the rate of interest, known as the real interest rate. This is because when the value of money decreases due to inflation, […]