InTouch Magazine Articles Archive

Issue 20, July 2008

A Diet of Coleman's Mustard

By Paul Clayfield.

his if for those amongst you who have savings neatly tucked away in the bank or building society, and are depending on the interest to augment your pension or meagre earnings in this beautiful land of plenty for only the few. You are probably hurting a little with the exchange rate being at such a low rate. News from Blighty is not encouraging with the Organisation of Economic Co-operation and Development (O.E.C.D.) recently warning that the UK is facing a stark two-year economic downturn.

So what can be done? The trick is to employ your savings to better effect. Firstly you need to mitigate taxes on your hard earned savings. Placing your money into a qualifying insurance wrapper can do this quite easily. Once you’ve done that, choose guaranteed low risk accounts achieving a return high enough to not only cover the charges, but to give returns in excess of what your current bank, or building society is offering. “Is that possible”? I hear you say. Well not only is it possible but, you should be better off than you were before the pound nose dived, and when, or if, the pound recovers you’ll be so much the better for your prudent actions, and if god forbid the pound drops even further you should still be in a comfortable position.

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