Following the Bank of England’s decision to cut interest rates to a record low of 0.25% at the beginning of August and the initial reaction to that from within the financial sector, the resultant effects continue to be felt over a month later.
Cash savings accounts have been hit the hardest, with some banks making cuts to their interest rates five times larger than that made to the base rate. Most savings products now offer interest rates that pay only half of what savers would have received from them in 2011.
The message is – review your cash deposits and the interests rates now applying to them, but always ensure you retain sufficient readily accessible cash funds for emergencies and for your short and medium term needs.
As always, if you would like to discuss any of the details contained in this article, please don’t hesitate to contact one of our qualified financial advisors at our Newbury office on 01488 608 686, or by using the quick contact form on our home page.
Please note, the value of investments, and the income from them, may go down as well as up. The levels and bases of taxation are liable to change.
Clients of Barry Fleming & Partners can read more in the distributed monthly newsletter available in PDF format. This is part of our value-added service.
Barry Fleming & Partners has grown from a tax advisory background into a broader business that encompasses investment management. Both things matter for wealth management, retention and creation. That expertise makes the company strikingly different from others.
This capability allows Barry Fleming and Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice.
We bring together up to the minute tax, estate, investment and retirement planning advice to create individual, ‘joined up’ financial strategies. This allows our clients to understand and have confidence in how they can best control, retain, and build their assets and income to achieve their objectives with least risk.
A high level of service is key to our long-term client relationships. We work collaboratively. That means our clients can benefit at all times from having ready access to our team of financial planners.
Barry Fleming & Partners offer independent financial advice covering ISA’s, Pensions, Tax, Trusts, Estate Planning, Inheritance Tax Planning (IHT) and other Financial Planning areas. Please don’t hesitate to call on 01488 608 686 and ask to talk to one of our financial advisors. Alternatively use the contact form on our home page.