Date: Tuesday February 12, 2019 at 11:12am
Boost your savings with these easy steps:
recent survey by Moneyfacts found that 77% of people asked, thought savings
accounts were too complicated. This may be one of the primary reasons why
customers rarely switch.
it doesn’t have to be difficult. Many banks will be happy for your business, so
the process of switching is easier than it ever has been before. And, armed
with these tips, you’ll see why shopping around will help your savings go
Switch savings accounts:
The average instant access savings
account pays 0.51% interest. Not too good. But the best pays a whopping 1.4%,
which means more pounds in your pocket when that interest is calculated.
There is no official switching
service to move from one account to another, so you’ll need to open your new
higher earning account and then transfer your savings into it. However, once
you’ve got your savings sorted, you’ll notice the difference.
Switch cash ISAs to boost
tax free savings:
Remember to keep an eye on the interest rate of your cash ISA. Switching ISAs is a little more
complicated than a regular savings account, but the tax-free savings make the
change even more worthwhile.
If done correctly, you can transfer savings from one cash ISA to another (with a better interest
rate of course!) without that counting against your yearly ISA limit. So, you’re free to keep
storing your savings where they work best.
Just make sure your new cash ISA accepts transfers before you open
it, and you’re good to go.
Check your stocks and
It’s not a good idea to continually swap your stocks and shares ISA around, as that may incur trading
fees and lock in any losses. But that doesn’t mean you shouldn’t switch if
A provider with lower fees, charges
or commission, or a wider range of investment options, may be reason enough to
switch. Generally, your options to switch will be a cash transfer, where your
investments are sold and then the cash reinvested by the new provider, or as a
stock transfer, where you retain the portfolio which is transferred in total to
the new platform. Be aware that a stock transfer may take up to five or six
weeks, but you won’t incur trading fees.
As always, research your options
thoroughly before making any decision.
Get a deal on
a current account:
Current accounts tend to see the most
use, with money flowing in and out every month. Many banks offer bonuses such
as cash incentives for switching. Or, if you find yourself in overdraft often,
consider an account with lower overdraft fees.
Many banks back the Current Account
Switch Service, which means they’ll take care of moving all your money, direct
debits, and standing orders to the new account, so there’s no reason not to
grab a better deal if you see it.
Make your decision based on how you
run your day to day finances, and you’ll soon see those savings trickle in.
https://www.moneyforce.org.uk/News/2018/October/Boost-your-savings-with-these-easy-steps (Doesn’t work on chrome)