Savings: Compensation limit set to rise

Compensation limit set to riseFrom next week, savers will receive a boost to the level of protection they get if their bank or building society goes bust. Currently, the Financial Services Compensation Scheme (FSCS) protects up to £75,000 of savings per person, per institution. However, this will rise to £85,000 from 30th January. The limit is changing because of the falling pound, with the value of protection pegged broadly to 100,000 Euros. The new level of protection means that savers can deposit an additional £10,000 with each institution and be guaranteed to ...

Are you heading for a ‘Toblerone Retirement’?

Are you heading for a ‘Toblerone Retirement’?New research has shone a light on our changing retirement habits, as we struggle with the twin effects of inflation and ‘skrinkflation’. Figures from pension provider, Retirement Advantage, show that: The days of the ‘cliff edge’ retirement, where one day we worked, and the next we didn’t, are long gone for many, with 52% of people age over 50 planning to work part-time in retirement That’s an 11% increase over recent years 30% of people are worried about the cost of living in retirement, whilst ...

Britain’s savings habits revealed, how do you shape up?

SavingNew research has shone a light on our savings habits and the amount of time we spend thinking about money. The survey from RCI Bank found that: 31% of adults are saving more than they were a year ago, putting away an average of £62 more per month However, 15% are savings less Those adults who are saving more have put away £750 extra over the past 12 months 34% of savers believe that talking and thinking about money made them better savers Money talks The survey also showed how much time we ...

Savings: A new inflation beating account for savers?

SavingOver the past few months, interest rates on savings accounts have fallen to record low levels and with inflation rates predicted to increase, savers can be forgiven for feeling pessimistic. However, has the Autumn Statement brought some much needed relief to beleaguered savers? Details are sketchy, but the answer may be “yes”, all be it in a very limited way. A new NS&I bond In his first, and as it turns out last, Autumn Statement, Philip Hammond announced that National Savings & Investments (NS&I) would launch a new bond in 2017. Mr Hammond said that ...