Credit Unions: An alternative to a traditional savings account?

Interest rates for traditional savings accounts haven’t been very interesting lately. Many savers are bored, miserable and getting gloomy returns. There are a few exceptions to the rule, of course, but most accounts struggle to beat the current rate of inflation. It’s therefore no surprise that many savers are considering an alternative. One little known and used option are accounts offered by credit unions, for example, the new Interest Bearing Deposit Account from RetailCURE. It offers a fixed interest rate of 3% over a period of 12 months with a maximum deposit ...

One in three savers doesn’t know how to fight inflation – are you one of them?

New research commissioned by Zurich suggests that just over a third of savers are unsure of how to protect their money against rising inflation. The survey was carried out by YouGov, and asked 4,000 UK adults what they thought the best way to beat inflation was. The results showed that the most popular methods to beat inflation were: Investing in property (27%) Cash ISAs (13%) Stocks & Shares ISAs (7%) Bank and building society accounts (6%) Investing in the stock market (4%) Pension savings (3%) Other (3%) 37% of people said that ...

Why SIPP cash savers are facing a perfect storm

There’s no getting away from it, over the past few years, since the financial crisis of 2008, life has been hard for savers. Government and Bank of England policy has mean that interest rates have hit record lows and show no sign of increasing, whilst inflation has been a constant concern, threatening hopes of ‘real’ returns. It is often said that it is hard for savers to become investors, usually because they can’t accept the risk to their capital investing brings. This probably explains why so many savers have continued to keep ...

SIPPs: Is the door slowly closing on deposit accounts in SIPPs?

SIPPs: Is the door slowly closing on deposit accounts in SIPPs?It often takes time for the unintended consequences of new rules to be fully understood. This is certainly true of the latest Policy Statement from the Financial Conduct Authority entitled “A new capital framework for Self-Invested Personal Pension (SIPP) Operators”, also known as PS14/12 for short. If you work in the SIPP industry you will already be very familiar with this document. If you are a SIPP investor we’d happily place a bet that you probably haven’t heard of PS14/12, definitely not ...