Archive for the ‘Savings Rates’ Category
Friday, January 13th, 2012
Oddly, excess is supposed to be a way to save the consumer money in the event that a claim needs to be made on a warranty, but this is often not always the case. Yes, the cost of repairs will be reduced by the amount of excess the plan holder pays, but that is not where the problem lies. Most car warranties do have excess written into them and Warrantywise can do the same. However, that is where the similarity ends. If you pay excess on a warranty plan from Warrantywise, the savings get passed on in other ways.
The real problem resides in the fact that most warranty companies will have excess on their plans but consumers still pay full price for the warranty. Not only are consumers paying perhaps up to £50 excess when a repair needs to be made, but they are not given reduced payments based on the fact that they have agreed to a prespecified amount of excess. Warrantywise will give consumers a choice of whether or not they want to pay excess and will also reduce payments as well if excess is chosen. This is what excess should do for you and if it does not allow for reduced payments you need to look for another warranty company that operates like Warrantywise.
Naturally most warranty companies don’t want you to know this because they want to get full payments for the warranty and they want to pay a little as possible when claims are submitted. Get quotes on car warranties and you will see that there are very few companies out there willing to reduce the cost of a warranty plan when excess is chosen, even if you are given the chance to opt out of excess. At Warrantywise you are given the choice and you will get a reduction in price. That’s what you should know about excess and what most warranty companies don’t want you to know.
Tags: Car Warranties, Consumers, Money, Quotes, Similarity, Warranties, Warranty, Warranty Companies, Warranty Company, Warranty Plan
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Friday, June 24th, 2011
The current state of the economy and unemployment rate may have you frustrated. Consider the following steps to save money, downsize and recycle. Adding your savings to those unnecessary expenses that leech off of your budget can help foster a frugal lifestyle.
1. Keep One Car – Besides your home, your car is probably the second highest expense in your budget. Cut down to one car so you are forced to use public transportation, carpool, and bike or walk to work. Telecommute if possible, saving money on gas, lunches out and professional clothing and dry cleaning. Further, look into a smaller economical car versus an SUV, saving tons of money annually on gas, tires and insurance.
2. Downsize your Living Space – No need for the expansive McMansions to impress the Joneses. Instead, pick as small as house as possible, while still being comfortable to save thousands on utilities and mortgage. Renting can also save you a lot of money, especially in certain markets. After mortgage interest, the cost of insurance and maintenance, buying a home can cost much more than renting, especially if you invest your savings.
3. Recycle – Check at second hand stores and yard sales for gently used clothes, electronics or furniture or visit websites like Craigslist.com or Freecycle.com to find just about anything. Recycle your aluminum, paper or glass for some extra cash or repurpose old items for new uses.
4. Cook at Home – Cutting down on eating out, brown bagging your lunch and cooking the majority of your meals at home can save you thousands of dollars per year. Create a weekly menu to try new things and engage the family to make it more fun.
5. Wait it out – Save yourself from pricey impulse buys and give yourself a cooling off period. Create and keep a wish list and date each item that you want. Make it a rule not to buy anything off of that list for 2 -4 weeks. After the wait, get the item if you are still pining, but you are likely to save a lot more with this system.
6. Save on Entertainment – Cut out your cable service (up to $1200 per year), cancel magazine and newspaper subscriptions to read online, frequent the library for free book reading and DVD rentals, go on a hike or play board games to present virtually free family activities.
This was a guest post by GoBankingRates.com, a site that provides daily updates on the latest CD rates, finance information and more.
Tags: Buying A Home, Carpool, Cooling Off Period, Current State, Dry Cleaning, Economical Car, Extra Cash, Frugal Lifestyle, Joneses, Living Space, Mcmansions, Mortgage Interest, Professional Clothing, Public Transportation, Saving Money On Gas, Telecommute, Thousands Of Dollars, Tons Of Money, Unemployment Rate, Unnecessary Expenses
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Saturday, April 2nd, 2011
When it comes to savings, you may well find yourself daunted by the sheer variety of ways to invest your money. Particularly if you find yourself with a substantial amount to invest, and are less than confident at dealing with things like the stock market, bonds and trusts, youre likely to gain from professional expertise. The main issue here is trust you want to be sure your money is being used to its full potential and whoever you entrust it to must be someone you have total confidence in.
If you have a basic understanding of how savings and investments work, however, it will be a lot easier to make judgements about the reliability and efficiency of individual advisers.
Independent Financial Advisers
Usually you will not be charged for general advice, but the adviser will gain commission when he or she sells you particular products. Dont be afraid to ask about commissions a good adviser should be open and transparent about such matters. They are duty bound to find out all relevant information about you and then give best advice which means selling you the products that are most suitable for your situation.
Accountants
Accountants normally advise on book keeping and tax, but sometimes also give advice about investments. If involved with investing, they must belong to one of the Recognised Professional Bodies responsible for regulating their business. These include the Institute of Chartered Accountants and the Association of Chartered Certified Accountants.
Stockbrokers
If you are dealing on the stock market, you will need to buy and sell your shares through a broker. If you want advice on your investments, choose a traditional stockbroker. On the other hand, there are brokers that offer a dealing-only service, and this is a cheaper way to buy and sell shares. Stockbrokers charge a commission on deals, and a traditional brokers service should include advice. www.londonstockexchange.com provides detailed advice and ways to locate a broker.
The Financial Services Authority regulates all these professionals if you are unsure about the credentials or dealings of someone check with them to verify that they are legitimate and are operating fairly. The FSA website also has details of what to do if you are unhappy with the service youve received from a finance professional check www.fsa.gov.uk. Once again, the governments advice site has sound information on the basic principles and links to other information sites. www.direct.gov.uk
Tags: Adviser, Association Of Chartered Certified Accountants, Book Keeping, Brokers Service, Chartered Certified Accountants, Commissions, Financia, Independent Financial Advisers, Institute Of Chartered Accountants, Judgements, Professional Advice, Professional Bodies, Professional Expertise, Sheer Variety, Stock Market, Stockbroker, Stockbrokers, Sure Your Money, Traditional Brokers, Ways To Invest Your Money
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Thursday, March 24th, 2011
Being in control of your finances means not only managing your current account wisely, but planning ahead too. Although we are used to thinking we will have the welfare state to fall back on, the support offered by state benefits is far from generous – most people would struggle to exist on a basic pension alone.
Furthermore, our ageing population face an uncertain future as demographics change by the time todays thirty-year olds reach retirement theres no telling how the economic situation will look. Aside from planning your retirement, you ought to have something to fall back on in case theres a sudden change in your circumstances how would you manage if illness or redundancy curtailed your earnings?
Although these issues are serious ones, there are many ways to ensure that you and your family will be well provided for and finding them need not be a nightmare. Start today by considering how much you can afford to put by. Be realistic, but try to allocate a fair proportion of your budget aim to save at least 10% of your monthly income if you can. Secondly, look at your options this guide provides a general view of some of the more common ways to save and resources for finding more information.
How you choose to save will depend on your age, circumstances and the amount you want to invest but remember its never too late to start, and never too early to plan for your future. Even if you can only afford to put a small amount away every month, it could make a huge difference in the long run.
There are vast amounts of different ways to save and invest, and there are also tax benefits to take into account. In an effort to urge people to save, the government offer various incentives such as tax-free savings plans and childrens savings accounts.
Savings accounts often attract higher interest rates than current accounts, so you could be earning money daily without expending any effort. For those willing to diversify, there are offshore accounts and investments to consider – these are explored in more detail below.
Considering your familys financial security is often a high priority check out the sections on childrens accounts for ideas. The last section offers ways to find more information, with listings of bodies that may be able to help you.
Finally, enjoy the feeling of taking responsibility for your own future!
Tags: Ageing Population, Childrens Savings Accounts, Current Account, Current Accounts, Demographics Change, Different Ways, Earning Money, Economic Situation, Incentives, Interest Rates, Nightmare, Offshore Accounts, Offshore Investments, Proportion, Redundancy, Retirement, Start Today, Sudden Change, Uncertain Future, Welfare State
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Thursday, March 10th, 2011
Meant to encourage the habit of saving money amongst people, a savings bank account not only ensures safe keeping of your funds, it also helps you keep your expenses under control. Use of savings account to save money has become a much-touted concept in economic forums in recent times.
According to a recent survey, most of the money problems arise out of people’s indifferent attitude towards their own financial reality. In our day-to-day life we can be a little more ambitious and try to save money by coming up with thousands of innovative ways. We can maintain savings account so that we can put aside a portion of their liquid assets that could be used to make purchases later on.
With the technology revolution, the web media is bombarded with clear and impartial information and expert guidance for investors, entrepreneurs looking for ways to save money. With the money saved in the savings account, you can also make some more money. Most of the banks have Money Market Savings Accounts. These accounts have got higher interest rates than the savings accounts. Online banks provide higher interest rates due to the fact that the banks do not have to pay for buildings and staff.
There are many online banking facilities, which offer you with latest updates on money saving techniques. By adopting a few resource-saving techniques, you can save your money from flying away from your pockets. You need to learn how to manage your money in order to save it from being wasted in avoidable costs every month.
But, you need to allot enough time for it. A recent. If you are an avid smoker then with a little bit of self-control you can curtail your smoking habits. You can also bring down your housing expenses and earn some money by renting out your spare room. To augment your savings you can deposit your monthly earnings into two different accounts at two different banks.
This will help you to monitor your savings very easily. You can also monitor your personal spending via online banking and stay within your budget. Through debit/ATM card you can withdraw money from the ATM centers of a particular bank which remains open 24 hours a day. Many of the banks also offer Internet banking facility for the convenience of their clients. Savings Bank Account can be opened in the name of an individual or in joint names by filling up a simple form.
Young adults are now increasingly warming up to the idea of saving their money in a savings account. The trend has already set in and it will be only a matter of time when children will also be taught about saving money as part of their school curriculum.
So, without wasting any further time, make it a point to save a portion of your money in a bank account every time you get your salary check. Increase your financial prowess adopting a few tricky money-saving techniques and be assured of a peace of a lifetime.
Tags: Economic Forums, Expert Guidance, Financial Reality, Habit, How To Manage Your Money, Indifferent Attitude, Interest Rates, Liquid Assets, Little Bit, Money Market Savings, Money Problems, Online Banks, Pockets, Saving Money, Self Control, Smoker, Spare Room, Technology Revolution, Ways To Save Money, Web Media
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Wednesday, March 2nd, 2011
Government auctions are where items that various government agencies have seized are sold, often at excellent prices. With a little knowledge, you can save some money with government auctions. Here is some basic information and tips to help you make the most of government auctions.
What items are for sale at government auctions?
Usually, big ticket items, such as vehicles, houses, land, boats, airplanes, computers, etc.
Where have the items come from?
Usually, the items have been seized by a government agency. Items might be seized in a raid, repossessed due to unpaid taxes, etc. Agencies that seize and sell items include the FBI, IRS, police departments, DEA (Drug Enforcement Administration), etc.
How are items sold?
Depending on the auction, items may be sold at an internet auction, at a fixed price, or at a conventional auction.
How can I find out about items for sale?
There are many ways to find out about items for sale. Searching the internet will provide you many websites that list government auctions. Some of the sites require a paid membership, others are free.
Tips for buying at government auctions
Look carefully at items you wish to bid on or purchase. Items are almost always sold as is, meaning that if it does not work as you expected it to, or other problem, arise, you cannot return the item.
If there is a preview for the auction you plan to attend, take advantage of it. In some cases, the items will not be available for review during the auction, so it is advisable to attend the auction preview to look at items you are interested in.
What other auctions can I attend to save money?
You may also want to check out foreclosed property auctions. Items at these auctions have been seized by a bank due to non payment of the loan on the item.
Tags: Airplanes, Auction Items, Auction Preview, Big Ticket Items, Boats, Dea, Drug Enforcement Administration, Fbi, Foreclosed Property, Government Agencies, Government Agency, Government Auctions, Internet Auction, Irs, Little Knowledge, Police Departments, Property Auctions, Saving Money, Searching The Internet, Unpaid Taxes
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Monday, February 21st, 2011
Most of us will face expenses in later life such as university, new car, wedding and first home. If you can afford to start saving for your children, a nest egg in later life can be a huge benefit. Saving just 30 a month for 18 years at an interest rate of 4.5% will amount to almost 10,000.
Bank and Building Society Accounts
Most banks and building societies offer savings accounts specifically designed for children. These savings accounts are open to children of a certain age ranging from birth to 24 years. The interest paid on these savings accounts is often higher than that paid on standard accounts.
Some childrens savings accounts have restrictions as to how many withdrawals can be made without losing interest. How you can access your savings depends on which account you choose. Some may not require notice to be given to withdraw cash; they may be branch-based savings accounts or come with a passbook or cash card.
Some providers also offer regular savings accounts for children that come with restrictions on the maximum and minimum amounts that can be invested each month. They usually have a restriction on the number of withdrawals, which if exceeded can mean a dramatic drop in the rate of interest paid or even that the savings account has to be closed. A certain number of monthly payments also have to be made into these savings accounts each year to prevent loss of interest or closure.
Tax on childrens accounts
Interest on savings is usually taxed at 20% before it is paid. However, children also have a personal tax allowance which stands at 5,035 for the 2006-07-tax year. When opening an account for your children, you can complete a Form R85 for each account to receive interest without tax deducted. Young people aged 16 or over complete this form themselves.
Obviously there is no limit to the amount that you can invest for your children, but be aware that the interest may be taxed if they are under 18 and are unmarried. Parents and step-parents each have a 100 limit on interest earned. This means that if money given produces interest of more than 100 a year, that interest is treated as the income of the parent who gave the money. However, each parent has a 100 limit, so you can receive interest of 200 a year without having to pay tax.
Grandparents or friends and other relatives can give as much money as they like without interest being taxed as their income. Inheritance tax exemptions may mean that tax will not have to be paid on cash gifts given to children but if the provider dies within seven years this may change.
Child Trust Funds
The Child Trust Fund (CTF) is a Government savings scheme that came into effect on 6 April 2005, for children receiving Child Benefit who were born on or after 1 September 2002. Under the initiative the Government provides a minimum of 250 in the form of a voucher, to be presented to one of the Child Trust Fund providers to open a tax-free account on behalf of the child.
Parents, grandparents and friends can make additional deposits, up to a maximum of 1,200 each year.
When the child reaches the age of seven, the Government will donate a further sum, currently proposed at a minimum of 250.
At age 16 the child can begin to make decisions about how the money is managed.
No withdrawals are permitted until the child is 18.
Once the child is 18, the CTF will close and the resulting funds will be made available to him/her.
If an account is not opened before the voucher expires (12 months from issue) HM Revenue & Customs will open a stakeholder CTF account.
National Savings
Childrens Bonus Bonds
With these savings bonds you can invest in your childs name and all returns are tax-free for children and parent. They can be opened for children under the age of 16 and you can invest 25 to 3000 for a five-year period. The interest paid on these savings bonds is fixed.
Index-linked savings certificates
These are tax-free investments where the rate of interest is guaranteed to increase in line with inflation. 100 to 15,000 can be invested in each issue and terms can be either for three or five years.
Tags: 18 Years, 24 Years, Building Societies, Children Of A Certain Age, Childrens Savings Accounts, Closure, Dramatic Drop, Form R85, Interest Rate, Loss Of Interest, Nest Egg, New Car, Passbook, Personal Tax Allowance, Rate Of Interest, Restriction, Savings Account, Step Parents, Unmarried Parents, Withdrawals
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Sunday, February 13th, 2011
Save Thousands By Listing Your Home On Flat Fee MLS Listing
Selling your home on your own can save you a lot of money, and yet most people still use a realtor. One reason is that realtors actually do have access to marketing tools you dont generally have. That, though, does not have to be the case. Take, for instance, the Multiple Listing Service (MLS) used by almost every realtor.
The MLS is a crucial part of marketing your home. Since about 70% of home buyers begin their search on the internet, it is very important that your home be listed in MLS. However, you generally have to sign with a realtor and pay a commission on your sale if you want to be in MLS. Essentially it ends up costing you tens of thousands of dollars to list on MLS then.
The answer is to save thousands by listing your home on a flat fee MLS listing. In many states, even a home for sale by owner can be listed on the MLS. To get your home listed, you just have to pay a one time flat fee. Since in most cases the amount is less than $1000, you really do end up saving thousands of dollars.
The only difference between your flat fee listing and the realtor listing is that you get listed with zero service. However, you still do get the opportunity to reach all the buyers, brokers, and realtors with access to MLS. Additionally, many other websites link to listings in MLS so your home will be exposed to a lot of people. Exposure is half the battle when it comes to selling your home.
MLS is a significant marketing tool because of its reach and popularity. Every realtor and broker in your area will have access to your listing. That means that their customers, the buyer of the area, are going to be exposed to your listing as well. Considering that you are saving thousands by listing your home on flat fee MLS listing, your sale will be able to net you more money. Additionally, because you are saving on commissions, you are also able to effectively come down on your price more to seal a deal. That can be the difference between a buyer taking your home or another one. Then, in the end, you still end up saving money by selling on your own.
The other way you save thousands by listing your home on flat fee MLS listing is that you can avoid paying the local newspaper, real estate channel on cable, or real-estate papers from your neighborhood to have your properly listed. Once you are on MLS, there is no need to worry about other such listings since you may end up exposed to them anyway.
It is a fact that you can save thousands by listing your home on flat fee MLS listings. You can also save money just by the mere fact that you are selling as owner. By saving on commissions and realtor fees you can afford to be much more flexible with your home sales. The flat fee listing will allow you the marketing you need to sell in an efficient manner.
Tags: Buyers Brokers, Commissions, Exposed, Flat Fee Mls, Flat Fee Mls Listing, Half The Battle, Home Buyers, Lot, Marketing Tool, Marketing Tools, Mls Realtor, Money, Multiple Listing Service, One Reason, Popularity, Realtors, Selling Your Home, Tens Of Thousands, Thousands Of Dollars, Websites Link
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Tuesday, February 8th, 2011
Savings account is account deposited that is only intended to stay in the bank for a relatively shorter time span. This account usually offers much lower interest rates than most bank accounts. But still, like many other accounts, it accumulates interests. The rate of which is largely dependent on the conditions provided by the bank.
Savings accounts are normally maintained by commercial banks, credit unions, loans and savings associations, and some mutual savings bank that are offering interests that can never be used as money. However, the account may be utilized by writing a check.
These accounts allow customers to use parts of their liquid assets, which may be used for any transactions. But before a savings account is used, the balances in the savings account must first be transferred to checkable deposits or transaction deposits or currency. But due to the simplicity of transferring the saving accounts, they are often termed as “money”.
Though the use of checks is often not allowed, withdrawals are still easier when done using the savings accounts. The Money Market Deposit Account or the MMDAs on the other hand may restrict you on a limited number of transference of accounts and withdrawals.
With the advent of the Internet comes the development of a new system of banking- the direct-to-consumer banking system. This particularly addresses online savings accounts. Direct-to-consumer system allows direct access to savings accounts from the traditional bank online where money naturally transfers by means of electronic bank transfer. There are two types of banking institutions that create and allow this form of transaction- online-only banks and the traditional banks.
Online-only banking is the answer of the entrepreneurs to the growing consensus of the general public of who usually make banking transactions through the internet. These banks tried to accomplish what real banks have done. They offered almost the same spectrum of products that traditional banks have but offered them on consumer-friendly deals- high interest rates and low fees.
Online savings accounts often offer significantly higher rates of interest as compared to the contemporary savings account. This deal may be attributed to the fact that lesser expenses during online processing and that online market is naturally rate-sensitive.
Sadly, the majority of the consumers are not yet prepared to this new treatment in banking. This in effect, brought down most of such banks.
But by the end of year 2000, ING launched an optimized form of online-only banking. This was rather successful and brought great increase in the online banking industry. They created a much simpler savings account transaction that pays higher rates than the traditional banking. But this does not permit the use of ATM cards, checks, and other services. It was only intended as an account for which your money may be safely guarded.
For almost three years, ING had no other rivals in this system of banking. But recently, many other banking institutions have followed suit. Some were the pioneers of the online-only banking who eventually died down during the course yet returned to beat the market share ING has. Some of these banks offer the same services with that of the ING programs. Most have the same principle of high interest rates and no unnecessary frills.
One notable new entrant is the VirtualBank. This targeted the high-end techy society yet they offer much lower rates as compared to the ING Bank. Thus they gained some consumers.
Eventually, the industry expanded sometime in 2003 until 2004. And by the year 2005, savings account virtually revolutionized banking by means of online-only banking.
Tags: Advent Of The Internet, Bank Accounts, Bank Savings Accounts, Banking Institutions, Banking System, Commercial Banks, Consumer Banking, Credit Unions, Direct Access, Electronic Bank Transfer, Liquid Assets, Money Market, Saving Accounts, Savings Account, Simplicity, Time Span, Traditional Banks, Transference, Withdrawals, Writing A Check
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