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Britons stash over £1bn at home as interest rates on savings dwindle

The most popular reasons the 2,000 people surveyed gave for keeping cash at home include being able to s ee it, using it for everyday spending, and convenience.  Many are unhappy with the interest they were making on other savings and a whopping 17 per cent said their savings were generating no interest at all.

Piggy banks are a great starting point for children learning the basics of saving money, but there is a clear opportunity for adults to gather their stockpiles together and make their money work harder for them.  Whether it is under the mattress, in a bottle, or in a sock drawer, that money could be contributing towards your savings goals.

With interest rates so poor people just do not know where to turn to invest their hard earned cash and give them some sort of genuine return.  This is where I can help!  If you wish to see your money begin to give you an income of 5% per annum, I have a robust genuine safe investment available from a highly reputable multinational insurance organisation that will give you that.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

Expats expected to seek HMRC QROPS transfers amid Brexit uncertainty

There is a feeling among some financial advisors that expats should be rushing to ensure their pensions are switched to a recognised HMRC QROPS (Qualifying Recognised Overseas Pension Scheme) before Britain begins to formalise its exit from the EU.

Of course, it is natural that expats should look to make their wealth management decisions, including the possibility of a valid HMRC QROPS, at a relatively early stage so that they can have confidence and clarity regarding their financial arrangements; however, it is also worth remembering that the new British Prime Minister, Theresa May, has said that she does not intend to invoke Article 50 this year, meaning that there is still plenty of time to receive the right financial advice and to make a prudent decision

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New Cayman Islands retirement planning laws

Street view from CaymanThe Cayman Islands is currently experiencing an exodus of overseas workers looking to leave the autonomous British Overseas Territory before it closes a loophole which currently allows expats to convert their retirement savings to cash before they leave.

The law previously allowed expats to access pension accounts of $5,000 or more once they had been living outside Cayman for six months and had not made pension contributions for at least two years.

From 31 December, 2019, it will only be possible to receive payouts at retirement age. Those who want to take their pensions early must leave the Cayman Islands by the end of 2017.

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