1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Losing out to inflation - Census Financial Planning

Low interest rates are great news for borrowers but can have a devastating effect on the long-term wealth of savers.

 
PRLog - Apr. 5, 2012 - With inflation currently running far in excess of base rates, even though the value of your capital may be safe, the buying power of your money is being eroded. Therefore, you need to keep a close eye on the interest rates you are earning.

Nowhere is this more apparent than with Cash ISAs. In a survey for watchdog Consumer Focus, the average interest received on cash Isas was less than 0.5% a year. With rates of 3% to 4% available, it suggests consumers are not shopping around.

It is good practice to retain some cash in an easy-access, readily available deposit account to make sure you can cover unforeseen emergencies and short-term needs. However, there is no reason to tie up all your cash holdings in this type of account. The Consumer Focus research found around 60% of cash Isa holders never withdraw money from their account. Interest rates can be significantly higher for those willing to sacrifice some flexibility.

“Putting a reminder in your calendar now to shop around for a better cash-ISA rate in a year’s time is essential if you want a half-decent return,” suggests Consumer Focus. “Unless you check your rates each year you are likely to end up with a poor return on your savings.”

Paul Dixon FPFS
Chartered Financial Planner

# # #

Census Financial Planning is an independent financial planning practice providing a professional and comprehensive financial planning service, located on the Lisburn Road in Belfast, Northern Ireland.

--- End ---

Click to Share

Contact Email:
***@censusfinancial.co.uk Email Verified
Source:Paul Dixon
Phone:028 90 668700
Zip:BT9 7FX
City/Town:Belfast - Northern Ireland - United Kingdom
Industry:Accounting
Tags:inflation
Shortcut:prlog.org/11842709
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share