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Ep 66 - Time to save starting with a penny
Manage episode 393641204 series 3426902
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Banks make billions a year by charging borrowers lots and paying savers little. Now with mortgage rates coming down as banks compete for customers savers have to be nimble if they are not going to lose out. Now is the time to find out whether you can get a better return on any savings you have. Banks are already reducing the interest they pay on deposits and have long paid little or nothing to customers with easy access to their money. At the end of 2023 it was reported that £255 billion was sitting in seven million bank accounts that paid no interest at all. It is time to make sure you do not have one of them. Benefit claimants can open a government-backed Help to Save Account that pays 50p for every £1 they save over four years.
If you have less than £12,570 in income each year you may be able to earn £18,570 in savings without paying any tax. Meanwhile it is worth starting very small with a penny on day one, two pence on day two and at the end of 366 days you will have £671.61 ready to save more in 2025.
Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com
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