What Does The Continued Low Interest Rate Mean For Savers?

by mfefadmin on August 9, 2010

As Bank of England Governor, Mervyn King, warns that the interest rates won’t be going up in the near future, despite a 1.1 per cent growth in GDP, Barclays Wealth is advising people that they need to be proactive in making their savings work harder.

Following Mr King’s announcement to the UK Treasury Select Committee, Barclays Wealth has issued advice to savers looking for the highest returns with minimal risk.‘We recognise that low interest rates is great news for those with loans and mortgages, but is not what those looking to make a return on their savings, particularly those who are relying on savings for future planning and retirement wanted to hear,’ said Mark Richards, Managing Director, Head of Sales, Barclays Wealth International.

Barclays Wealth’s top tips include:

  • Look for fixed term, fixed return accounts – with interest rates likely to remain low.
  • Diversify – spread your money to spread the risk and potential rewards – consider other types of accounts such as long-term deposits and structured deposits.
  • Time your income – plan the dates on which investments and savings plans mature carefully.
  • Look at the options available and be open to new ideas – the best rates may be offered on accounts that require a significant deposit, other good rates can be found on regular saver accounts.

Please note: not all Barclays Wealth products and services are available in all jurisdictions.

For further information about Barclays Wealth International, please visit our website http://www.barclayswealth.com/international.htm
Twitter page: www.twitter.com/barclayswealth

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