Guide To Decreasing Interest Rates_50138

Expert views on how declining interest rates are affecting savers

Record low interest rates could equal massive losses for savers this year. As The Bank of England offers the lowest lending rate in history, people are starting to wonder, what now?

The stock market crash pales into insignificance compared to the crash in interest rates, says independent financial advisor Philip Pearson of P&P Invest. This will directly affect income for savers.

Now and then

Over the past five years, interest rates have been on a rollercoaster. They rose to their peak last year, when the best current accounts were offering a return of 7%. This has now fallen to around 2.75%, says Philip.

Currently the best equivalent account offers 3.5% interest. So if you put ?,000 away, that s ?5 over the year, not including tax. Five years ago the best account averaged 5% interest a total of ?0 a year, minus tax.

The future

Some analysts suggest there may be a further series of interest cuts on the way, with rates not set to rise until mid 2010.

Philip agrees, saying: It s likely that interest rates will weaken during this year should the Bank of England move to further stimulate the economy. This will only lead to even lower rates for savers, with many accounts providing a return of less than 1%. This low interest rate environment may continue over a prolonged period should the world remain in recession.

Protect your interests

It s a good idea to take a pro-active approach towards your savings and seek advice in order to protect them against inflation over the long term.

Dennis Hall, of Yellowtail Financial Planning, adds that decreasing interest rates will have a significant impact on some of the most vulnerable members of society. Anyone who relies on interest, typically the retired, will have already seen a reduction in their income levels. This could lead people to adopt savings and investment strategies which put them at higher levels of risk.

People should ensure any money put into a bank offering higher interest rates, is covered by the Financial Services Compensation Scheme (FSCS). This covers you up to ?0,000, if the bank goes bust.

There s still hope

Borrowers who are not on fixed-rate mortgages, however, are now reaping the rewards of lower repayments. And that extra cash can be used to build up your savings. Because of this, Dennis reports there has actually been a slight upswing in the amount of savings within UK households.

Five years ago, UK households were saving 4% of their income, he says. Then, at the height of the property bubble, when people were borrowing heavily, that fell to nearly minus 2%. We were spending more than we earned. But by the beginning of 2009, the savings ratio had returned to positive territory and was approaching 2%.

So there is a slight silver lining after all.

Chase Credit Card Application Status_51984

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I follow my own star and my own inner compass.

Trust men and they will be true to you; treat them greatly,
and they will show themselves great.
- Ralph Waldo Emerson
I cannot trust a man to control others who cannot control himself.
- Robert E. Lee
Never trust spiritual leader who doesn't dance.
- Miyagi: character in movie The Next Karate Kid
Trust your own inner guidance.
Have faith that your steps are carrying you toward your dreams.
Keep your eyes on the heavens and believe that your feet will carry you well.
- Jonathan Lockwood Huie
The Two Great Lessons of Life: Choose Love & Trust God.
- Jonathan Lockwood Huie
I follow my own star and my own inner compass.
- Jonathan Lockwood Huie
Let today be a day to trust your own inner guidance,
a day to have faith that your steps are carrying you in the direction you desire,
a day to keep your eyes on the heavens and believe that your feet will carry you well.
- Jonathan Lockwood Huie
Only a fool tests the depth of the water with both feet.
- African Proverb
It is wonderful to have Faith, but don't confuse trust with being gullible.
Balance trust with conscious thought.
- Jonathan Lockwood Huie
Your pain is the breaking of the shell
that encloses your understanding.
Much of your pain is self-chosen.
It is the bitter potion by which the
physician within you heals your sick self.
Therefore trust the physician, and drink
his remedy in silence and tranquility.
- Khalil Gibran

Starting Fresh

I do not need anyone's permission to be my true self.
- Jonathan Lockwood Huie
I follow my own star and my own inner compass.
- Jonathan Lockwood Huie
I Say NO to the demands of the world.
I Say YES to the longings of my own heart.
- Jonathan Lockwood Huie 

Smile. Today would be a wonderful day not to take life so seriously. Today may end up the way you prefer - and it may not. Happiness is not about being a winner - it's about being gentle with life - being gentle with yourself. Let life be a dance, and choose the kind of dance you want for today - perhaps a gentle loving dance.
- Jonathan Lockwood Huie
Standing in the inspiring vision of my future, I boldly take every step - large and small - with courage and intent.
- Jonathan Lockwood Huie

Starting Fresh

Supposing you have tried and failed again and again.
You may have a fresh start any moment you choose,
for this thing we call "failure" is not the falling down, but the staying down.
- Mary Pickford
USE this time of fresh beginnings. Use it as an impetus, the force or energy toward change. Become stronger, a better leader, more focused in your thoughts. Exert more influence over your dreams by bringing them closer to your thoughts, every day.
- Mary Anne Radmacher 

If you want others to be happy, practice compassion.

My religion is very simple. My religion is kindness.
- Tenzin Gyatso, the 14th Dalai Lama

If you want others to be happy, practice compassion.
If you want to be happy, practice compassion.
- Tenzin Gyatso, the 14th Dalai Lama

We can never obtain peace in the outer world until we make peace with ourselves.
- Tenzin Gyatso, the 14th Dalai Lama

Love is the absence of judgment.
- Tenzin Gyatso, the 14th Dalai Lama

Happiness is not something ready made.
It comes from your own actions.
- Tenzin Gyatso, the 14th Dalai Lama

This is my simple religion.
There is no need for temples;
no need for complicated philosophy.
Our own brain, our own heart is our temple;
the philosophy is kindness.
- Tenzin Gyatso, the 14th Dalai Lama

Through violence, you may 'solve' one problem, but you sow the seeds for another.
- Tenzin Gyatso, the 14th Dalai Lama

Spend some time alone everyday.
- Tenzin Gyatso, the 14th Dalai Lama

Learn the rules so you know how to break them properly.
- Tenzin Gyatso, the 14th Dalai Lama

2010 Year in Review for Swiss Timepieces5

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