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Anna Bowes is a regular contributor to the BBC’s Money Box, Breakfast and News programs, as well as the national press, providing expert analysis and commentary on the UK savings market. Anna has worked in the financial services industry for more than 20 years and for most of that time has been helping people to make the most of their savings. |
Another week, another player in the Cash Savings Platform space - most recently and most notably is Active Savings from Hargreaves Lansdown.
It joins a select group of providers all offering these innovative and exciting new platforms dedicated to savers. They’re all a little different in their own ways and some will appeal more to some than others, so this week we’ve pulled together a rundown of how they compare and who they might be most suitable for.
🔖 Read: The Rise of the Cash Savings Platforms
While reviewing the weekend press, I read an interesting article from a financial adviser who talked around the large number of people he’s spoken to that are saving, but not really sure what they’re saving for or what their future plans are.
This struck a chord with me. I can see how it’s done - you do the right thing by putting money aside firstly for a rainy day, then for your future (most likely your pension) and then possibly for your children's future etc.
But if you don’t know your plans, how do you know how much to save? Fail to plan and plan to fail as the article says. I’ve been through my own retirement plans recently to ensure I’m on track to retire when I’d like to (don’t worry savers I’m not going anywhere for a while yet) and it’s an enlightening process that has given me a real target, which has given me some peace of mind.
Naturally I’m a fan of financial planning as I’m in the industry, but if you haven’t considered your plan there’s no time like the present to gain your own peace of mind.
🔖 Read: The Value of Financial Advice
We’ve also been revisiting the Financial Conduct Authority's (FCA) suggested intervention to boost competition in the savings market, leading with the introduction of a 'Basic Savings Rate' in the easy access and easy access cash ISA markets. We explain our thoughts on this and would be really pleased to hear yours.
🔖 Read: FCA's Basic Savings Rate - is it a good idea?
You’ll also find our regular Rates Rundown for all the latest savings products that have hit the market this week and an update on this week’s Inflation news and how it’s affecting the pounds in your pocket or at least the interest on your savings accounts.
And our Ask Anna this week is from someone who needs to use some of the money in their cash ISA but wants to know if they can put it back into their ISA if they don’t use it all.
🔖 Read: Will I lose my allowance if I cash in my ISA?
That’s all for this week. As always, we love to hear your views and do get contact if there’s anything you’d like our help with. We’re always happy to help where we can.
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