Why are interest rates on savings accounts falling so quickly?

Why are interest rates on savings accounts falling so quickyThe Bank of England announced on 8 November that base rate would remain unchanged at 0.50%, a level that has prevailed since March 2009. What can appear at odds with this decision is that savings interest rates and particularly those on offer to new savers have recently been dropping like the proverbial stone. Why is this so? We asked, Gev Lynott, Chief Executive of The Mansfield Building Society to provide some insight about current interest ...

Pensions: HMRC warn about pension ‘unlocking’ schemes

FTAdviser, a publication for Independent Financial Advisers, are reporting that HMRC have issued a stark warning to people considering ‘unlocking’ their pensions and accessing the capital before the age of 55. FTAdviser reported yesterday that two websites, promising to be able to ‘unlock’ an individual’s pension before the age of 55, were causing particular concern. Retirement rules Pension rules mean that an individual cannot generally access the tax free lump sum or income from their pension until the age of 55. Our ...