Interest rates at 0.5%

Yet again the savers get the kick in the teeth from the Bank of England as the interest rates are slashed to 0.5%. Savings rates etc will follow suit unless you have a fixed rate account.

However it may not be all bad news, now the FTSE 100 is below the 4000 mark it could be a good time to take out a stock ISA. Whilst the stock market could fall further in the long run it can only go up. As the ammount you put in whilst the stock market is low will buy more shares and then as the market recovers the value will increase faster.

Anyway, best thing to do is as I have said in an earlier post, is to spread your money around as there is a limit to how much is protected at each bank. Remember this protection is per bank NOT per account.

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