Should We Give the Banks Our Money?

Posted by admin in GeneralMar 3rd, 2009 | Comments Off

If you have a certain type of savings account where the money has to be left in the account for a specified amount of time – usually for one to five years-then you can be sure that the bank will use that when they are setting up deals and investments. You may not be too worried about this, but if they do use your money in this way, then effectively you are giving them permission to do so. An increasing number of people are now taking their money out of the bank as they feel quite strongly that the bank should not have use of their money.

One of the main reasons that the world is in such a bad financial state is because there has been little or no regulation on what the banks could do with the money that was in their care When this happened once before in the late nineteen twenties, many people lost everything that they had. If you really want to make sure that your money is safe then you might do better to lock it in a strong box and have it put away. You won’t be making any interest but at least the banks won’t be frittering it away.

Savings Account for Babies

Posted by admin in GeneralMar 3rd, 2009 | Comments Off

The present Labour Government brought in a scheme whereby all babies who were born after 2002 would receive £200 each, that was to be invested in their future. The money goes into a trust account and stays there until that child is eighteen, you can also add to this money as and when you please. A little pot of money is especially good if your child does well at school and eventually wants to go to university. No longer can you get a grant to go to university, most students have to rely on a student loan and what little they are able to earn at a part time job. It is at times like this when a savings account with some money in it can be really useful.

Some young children actually enjoy saving their pennies, especially if they have a money box that is shaped like a favourite cartoon character. If you can find ways to make saving a fun activity for your child then you will be laying a foundation that will last that child for the rest of his or her life. At the moment any cash that is saved is not going to make much extra money, unless you are very well off already, but it does provide a person with a little bit of financial security in uncertain times.