Consider where you save
(PRWEB UK) 10 October 2012
• Spread your savings. It’s the most obvious advice but also the most important. Naturally, splitting money between different banks provides people with better protection should the worst happen. Under the Financial Services Compensation Scheme (FSCS), anyone banking with a UK regulated institution is covered for up to £85,000 each. However, it is worth remembering that `sister` companies, such as Halifax and the Bank of Scotland, do not count as separate banks.
- Consider where you save. The state owned bank, National Savings and Investments is fully backed by the government, and many choose to put their savings here as it is often deemed the safest location. Whilst the rates aren’t always as preferable as others, the government itself would have to go bust for savings to be affected.
- Be careful with foreign banks. Under the FSCS, only those with UK regulated banks are entitled to compensation. Whilst this still covers many foreign owned banks, such as Santander (which are still UK regulated), there are still banks in this country, such as ING Direct which do not fall under the Government backed system.
- Know your rights. As previously stated, those banking with a UK regulated institution are entitled to up to £85,000 per bank. Not everyone is aware however, that those with joint accounts are entitled to up to £170,000.
- Repay your debts. Most credit cards and loans cost a lot more in interest than you earn on your savings, so many choose to repay their debts with their savings.
Dosh Express is the Honest Lender, helping you get to payday. Based in Derby, in the Midlands, the company’s mission is to provide a great lending service to thousands of our happy customers and be a great place of employment for our staff. Please visit doshexpress.com to apply for a loan, and if you are approved cash is usually deposited in your account within minutes, subject to status. Dosh Express, the trading name of Dosh Express Limited, is a consumer lender offering short-term payday loans, is a member of the Consumer Credit Trade Association (CCTA), and is licenced and regulated by the Office of Fair Trading.