Do What?
This week it was announced that Barclays Banks across Europe have decided that unless a customer has at least £100,000 in their account they will be asked to close it. My thoughts are this:
• How disgusting to get you on board initially and then change the criteria so that you must leave. What a cheek and what an inconvenience !
• Who would put such a large amount of cash with one institution with such a patchy reputation, anyway?
BAD
This week I have taken on an 80 year old client who had an investment in a Spanish bank and they were told that they could release their invested funds without a charge. Not only were they investing 50% equities for a very cautious client (this is far too volatile), but that were charging Euro 3K in various forms to release it on just a Sterling 20,000 investment. To be fair, the name of the bank does have the word “bad” in it. The Clients are now safely under Blacktower’s wing.
by Dave Diggle, International Financial Adviser Costa Blanca
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.
The UK has had an unprecedented period of low interest rates; 2009 saw the base rate drop to 0.5 and then last August down to 0.25. That’s eight years of extremely low interest rates. Whilst this has been great for borrowers and helps to keep the business economy afloat, it has been disastrous for those people in or approaching retirement. Annuity rates have been terrible for pension income returns and the bank rates for the people who have savings have been providing very poor returns.
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