FINANCE
Finance Health Check 2020 CONT.
One of the best ones on the market at
the moment is from the Principality
Building Society, which pays 2.7%
AER fixed for a year. With a
minimum balance of just £10, this is
a great account for everyone –
regardless of how much money you
are able to put away each month.
However, if you need to take
your money out, you will have to close
the account.
If you need a regular saver account
where you can access your cash
whenever you want, then it’s worth
talking to the Coventry Building
Society. They offer a regular saver
account with 2.5% AER variable,
making it an attractive option.
Many of us will already invest in ISA
accounts. Whilst these are a good
option for your money, especially
being tax free, you are limited to how
many ISA accounts you can have.
Whereas with regular saving accounts,
you can have as many as you want. It
really is a numbers game, and it pays
– literally – to have a portfolio of
156
Finally, whilst you are health
checking your finances, it is
also important to remember
your online, or digital, assets.
These could be cash balances,
including cryptocurrencies,
gambling or gaming accounts;
income, such as online
advertising revenues, or income
from licensing multimedia; an
online shop or products on a
marketplace such as Etsy; and
intellectual property, such as
valuable domain names.
different regular savers accounts. Even
if savings accounts have a limit on
how much you can pay in each month,
by opening two or three accounts, you
can easily triple your monthly
investment whilst still benefiting from
the highest interest rates.
If you are unsure or need advice, it
may be worthwhile talking to a
financial adviser. The cost of their
services will be far outweighed by their
knowledge of all the financial products
available, and their ability to tailor
recommendations based on your
personal circumstances.
We are lucky to have a host of
Financial Advisers in and around Kent
that you could speak with, but when
choosing the right financial adviser
for you, the Financial Conduct
Authority (FCA) recommends that
you should always check an adviser is
listed on the FCA Register to ensure
they are regulated and approved. If
you use a financial adviser that is not
FCA approved, you will not have
access to the Financial Ombudsman
Services (FOS) or Financial Services
Compensation Scheme (FSCS) if
things go wrong.
Local law firm, Furley Page,
warns that thousands of people
across Kent may be failing to
protect their digital assets, locking value in online accounts that are not easily
accessible to family members after death. Currently there is no definitive legal
rule stating what happens to you digital assets on death, because online assets
vary in nature and they will have value in different ways. Joshua Williams, senior
associate at Furley Page, says: “The law has not caught up with technology when
it comes to the inheritance of digital assets. For example, digital assets with
monetary value will form part of your estate and will pass legally to any beneficiaries,
whereas services like iTunes are licensed to an individual; the licences will
terminate upon death and are not transferable."
Here’s to your financial health in 2020.