Choose the Most Beneficial Bank Account Option
Right from the time when we are children, we seek our own independence. Of course, at that age, independence is generally associated with things like the freedom to choose our friends and the kinds of games that we play. However, as we become older, we begin to associate independence with other things. It is at this time that independence and money come to be closely associated.
As we begin to earn salaries, we come to realize that we need to make our money grow. So we look forward to either investing our money in stocks and shares or depositing it in a bank. There is great joy to be gained in watching the money grow in multiple folds every year.
It is for the same reason that we listen to the advice of friends and family members when the time comes to open an account. Most often, we choose to open an account with a leading bank which offers various services. However, we should remember that these services are usually charged.
As a result, we should look out for banks that charge the lowest rates for these services. For instance, a number of banks charge an additional fee if we ask for things like locker facilities or a greater number of check books. However, this may not hold true for all banks. In fact, several banks willingly offer the same services at no extra cost.
It is always better to open an account in no more than one or two banks. You might be tempted to go and get a few more bank accounts, but we would not recommend this. What happens if you do this is that you are unable to keep a track of your money. This takes place especially if you are in the habit of operating all the accounts simultaneously. As a result, the savings in each diminishes at the same time. This is not a healthy way to operate a bank account. These days most bank accounts have the ATM facility; so we can draw cash in case of emergency.
Before opening an account with a bank, we must think hard about whether it is going to be useful or not. If we are working on a project and our client has an account with a particular bank, it makes sense to have an account there. This will enable the client to transfer funds to you immediately through that account. If there is no such purpose, you would only be locking up your funds in an account that will not be operative.
Some banks also have the facility of automatically transferring your funds into a fixed deposit if you have not operated the account over a long period of time. This means that you earn more on the money in that account. In such a case, your decision would have been a good one.
Bank accounts need to be kept track of. Some banks charge a fee if the account is not operated every so often. Such minor details could snowball into major ones, and we cannot afford to neglect them at any time.
Best Bank Accounts at http://www.thriftyscot.co.uk/Banking-Savings Online Saving Account at http://www.thriftyscot.co.uk/Banking-Savings/regular-savings-accounts.html Compare Current Accounts at http://www.thriftyscot.co.uk/Banking-Savings/basic-current-account.html
Brits Could Face ‘Financial Crisis’
An increasing proportion of Britons could be coming under financial pressure, new figures suggest.
In research conducted by Legal & General, millions of people are avoiding taking out the three forms of cover – life insurance, income protection and critical illness insurance – with some 54 per cent of consumers not having any such policies. The study also showed that that just 14 per cent of people have income protection, in comparison to the 22 per cent who have taken out mobile phone cover. Meanwhile, 41 per cent of Britons possess life insurance with less than one in five (17 per cent) having critical illness cover. However, should consumers unexpectedly lose their job or become ill, not having such insurance in place could well see them struggle to meet various demands on their spending, for example utility bills, secured loans and mortgage costs.
Out of those who lack any form of protective policy, 20 per cent stated that such insurance was too expensive. Meanwhile, nine per cent of respondents reported they were prepared to run the risk that they will not become ill or die prematurely. Research from the insurance company also indicated that 29 per cent believe they do not have enough financial commitments to make them get cover.
However should they die unexpectedly, 15 per cent of consumers reported that their families would rely on their savings, while nine per cent would sell their property. And with ten per cent of those surveyed admitting that they simply do not know how their family will would manage financially, it is quite possible that many households could develop difficulties paying back credit cards, home loans, bills and other monetary commitments in the aftermath of the death of a loved one.
Commenting on the figures, Bonnie Burns, protection product marketing director for Legal & General, said: “The nation’s priorities seem misguided, with people more worried about losing their mobile than about how they would cope financially if they had a critical illness. We all know that it is difficult to face up to our own mortality, but when insuring possessions is prioritised above insuring lives, then something has to be done.”
She added that as “protection insurance is widely available, value-for-money and easy to arrange”, there should be “no reason” for consumers not to consider taking out such cover to help safeguard their finances should the worst happen.
As a result, those who would like to take out protection insurance but are currently under so much financial pressure that they feel that they cannot afford cover may wish to consider applying for a debt consolidation loan. In taking out such a loan, borrowers will be able to meet demands on spending, such as plastic card debt, quickly and so have more disposable income left at the end of each month. Meanwhile, getting a debt consolidation loan could also be recommended to help with the rising cost of living as research carried out by uSwitch earlier this month indicated that taxes and social contributions have risen by 85 and 77 per cent respectively over the past decade, in comparison to the five per cent growth in net household income.
Mark Dawson writes for the Loan Arrangers. Where visitors can compare loans online, and apply for the best secured loans rate available to them. To read more articles from Mark go to http://www.loan-arrangers.co.uk
Consumers Playing ‘Russian Roulette’ By Not Getting Insurance
Surging living costs may be placing many people under financial pressure in later life, new research indicates.
A study released by Sainsbury’s Finance has revealed that the expense of day-to-day living costs have risen by some 4.2 per cent between October and November. This is a figure which could well impact upon consumers’ ability to meet various demands on their spending such as utility bills, store cards and loans.
However, research from the financial services firm showed that 21.9 million people have opted out getting at least one type of insurance product. Consequently, many Britons could well see that their capacity to manage their money tightened further if they have an accident for which they are not covered.
Overall, some 4.7 million consumers do not have any home contents insurance, with 4.28 million holidaymakers failing to purchase travel insurance cover the last time they went away. However, the financial services firm reported that “the situation is even worse” for the 55 per cent of dog and cat owners who do not have cover for their pets. And should their animal unexpectedly fall ill, such consumers may be forced to pay for veterinary costs themselves, something which could be financed through a personal loan.
Findings from Sainsbury’s also revealed that 2.9 million adults claim that the main reason why they do not have insurance is because they see it as too expensive or are unable to afford cover. However, for many applying for a cheap consolidation loan could be a useful way in which to free up disposable income that in turn could be used to help purchase insurance, pay off bills or fund home improvements.
Steve Johnson, head of insurance for Sainsbury’s Finance, said: “Insurance is an absolute must, but our research suggests that millions of people are playing Russian roulette by opting to do without. Those people finding it difficult to afford insurance due to the rising cost in living need to ensure that they shop around for the best cover because this can dramatically reduce price.”
He added that people concerned about their capacity to afford insurance may wish to take out a policy over the internet. Seeking out cover online, the financial services expert reported, may see many consumers benefit from a discount of between ten and 20 per cent. Spreading the expense of a premium through a monthly direct debit was also suggested as one way in which to ease financial pressures.
For those looking to reduce pressure on their finance, whether to help them to afford insurance cover, pay for household bills or save in pension schemes, a debt consolidation loan may be advisable. Such a loan could be particularly useful for a number of Britons after a recent study by the Motley Fool indicated that 16 per cent of people are embarrassed by levels of indebtedness via loans, credit cards and other means. However, two-thirds of people believe that talking about money should be kept private, while a third that think any discussion on such a topic is “downright rude”.
Abbi Rouse writes for All About Loans where visitors can apply online for cheap loans. We also specialise in bad credit loans, and debt consolidation. Vist Today: http://www.allaboutloans.co.uk
Savers ‘Unaware Of Interest Rates’
Britons could be putting themselves under unnecessary financial strain, new statistics have suggested.
According to a study conducted by Sainsbury’s Bank, about half of those with savings accounts (49 per cent or 19 million consumers) are unaware of what rate of interest they are receiving on their investments. In addition, ten per cent of savers only claim to know the rates that some of their accounts provide. Meanwhile only 41 per cent of those with such accounts are stated to be aware of how much interest they are receiving. As a result, Sainsbury’s Bank suggested that up to 112 billion pounds could be lying in accounts in which savers do not know the rate of interest being paid, a figure which could well help them make payments on loans, utility bills and other demands on their spending.
The company also pointed to a study commissioned earlier this year which revealed that about 40 per cent of accounts on the market paid less than three per cent in interest. Consequently, consumers were urged to take the time to search for a savings product which pays a competitive rate of interest, as doing so could help them store more money away for the future, which may leave them in a more capable position to pay off home loans and credit cards in later life.
Commenting on the data, Peter Wood, head of savings for Sainsbury’s, said: “There is a real and worrying level of apathy amongst savers when it comes to checking that their money is earning a good rate of return. Savers should be looking to take advantage of some of the great rates available – there are at least 71 instant access and notice accounts all offering rates of six per cent or more.”
The study also revealed that whether a large or relatively small sum of money is being put away, it “does not always have a bearing on whether people will pay close attention to their rate”. Research from the financial services firm revealed that some 9.24 million people with savings of up to 2,000 pounds are unaware as to how much interest they are paying, while 429,000 consumers with more than 60,000 pounds put away are also oblivious to such rates.
Taking the time to search for a competitively-priced savings account could be particularly advisable following the series of interest rate rises actioned by the Bank of England’s monetary policy committee since August 2006. Following the five increases since last year the base rate currently stands at 5.75 per cent – and although such moves may well increase loan repayment costs for many borrowers, research released in IFA Promotion’s Savings Brake report suggests that consumers are taking advantage of the current peak to put money into savings accounts. The firm reveals that the amount of money saved between April and June was 10 billion pounds higher than that recorded during the same period last year.
However, those finding they are struggling to put money into savings accounts due to other financial commitments may discover opting for a low-rate loan as a means of debt consolidation can help them free up more disposable income.
Mark Dawson writes for Loan-Arrangers .co.uk where visitors can compare loans online. Then apply for the best rate secured loans and bad credit loans available. Visit our site http://www.loan-arrangers.co.uk