Low Interest Rates Continue to Effect Savings and Pension Annuities; ADVERTISING FEATURE Independent Financial Advice

Daily Post (Liverpool, England), August 19, 2013 | Go to article overview

Low Interest Rates Continue to Effect Savings and Pension Annuities; ADVERTISING FEATURE Independent Financial Advice


ACCORDING to Glyn Jones of Vale Financial Services, the new Governor of the Bank of England has made his mark!

His first pronouncement states that the Bank's interest rate will not increase until unemployment falls below 7%.

Glyn says the Bank's own projections indicate this is unlikely to happen before 2016. He comments: "We have all seen how often projections turn into reality, but nevertheless this appears to be an example of longer term thinking, rather than the regular news headlines and consequent analysis that has happened for the last few years every time the news is 'no change'."

He says he knows many people with deposit accounts will be less than impressed by this announcement, meaning as it does, the prospect of continuing low returns on their savings. Some were also disappointed with the recent reduction in 'prizes' paid on Premium Bonds.

And he stresses that it is more important than ever to find competitive rates for this type of account and to use your ISA allowances.

Glyn says there are alternative investments available and he thinks these can be especially relevant to those who seek an income from their investments. Provided you understand and are happy with the way they work, you could find a worthwhile improvement in your income.

If you prefer to have a guaranteed return, he reveals there are companies offering such products.

He explains: "There is a compromise to be made, as the initial returns can be lower than those available from products without such guarantees. …

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