January 2018 Newsletter : Cylchlythyr Misol Ionawr 2018
Blwyddyn Newydd Dda. Happy New Year to you all.
At the start of the year, with many New year resolutions made, and some broken, this newsletter looks at ways for you to have a “Financial Detox”.
- Review your savings accounts to ensure that you are receiving reasonable returns. Many accounts are now paying over 1.2% for easy access and 1.5% for 1 year bonds.
- For those with mortgages, review your rates of interest. 2 year fixes are available in the region of 2%. However do not be tempted by low interest rates if there is a high “Arrangement fee” – look for rates with no arrangement fee.
- Make a list of your savings accounts. As a general rule of thumb if you have more than 10 accounts this is too many. Consolidate your savings into a manageable number of accounts.
- Review your monthly standing orders and direct debits. You may find sums which you are paying which are no longer relevant to your current lifestyle.
- Review your wills / make a will / review your Inheritance Tax. This service is proving popular and I work alongside a solicitor to complete the legal formalities.
- For those with 3 year pensioner bonds who invested up to the maximum of £10,000, these are maturing shortly. The default position is that on maturity, these will be rolled over into NSI’s 3 year Guaranteed Growth Bond which pays 2.2%.
- The Tax Return season is nearly over with the deadline of 31 January fast approaching. If you have any queries regarding your tax liability please contact me.