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  • Before today's cut, the average instant access savings account on the high street

  • paid a miserly 0.55% interest.

  • So while it's wise to keep some cash savings handy for emergencies,

  • could you make your money work harder by using it in a different way?

  • When's the last time you agreed a new deal?

  • Low interest rates means tempting deals are available, and you could save thousands a year

  • by switching.

  • If you're on a tracker mortgage, today's cut might make your monthly repayment slightly smaller,

  • but many borrowers on their lender's floating rate will not see any cut passed on.

  • And could you overpay your mortgage?

  • Your lender will tell you if your overpayments are allowed on your loan,

  • and online calculators show you how much you could save in interest repayments.

  • If you've got a company pension,

  • it could make sense to pay more in every month.

  • This is called an additional voluntary contribution, or AVC.

  • Some generous employers might match your overpayments - ask your HR department.

  • But even if they don't, you will still benefit from tax relief at your marginal rate,

  • but higher earners should be wary of busting annual and lifetime savings limits.

  • The tax efficient savings accounts are still mainly used for cash savings, despite rock bottom interest rates.

  • The stocks and shares ISA gives much more scope for growth in the medium-term and is dead-easy to set up.

  • From next April, you can pay in up to 20,000 pounds a year.

  • To read more about how to make the most of your money, go to

Before today's cut, the average instant access savings account on the high street


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B1 中級

貯蓄者がBoEの利下げに乗るための3つの方法 (Three ways savers can ride BoE rate cut)

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    Tim に公開 2021 年 01 月 14 日