What Does The Minimum Savings Rate Mean For You?
Banks could be forced to set a minimum interest rate on savings accounts under proposals from the Financial Conduct Authority (FCA).
The FCA – which regulates banks and other financial institutions – is concerned that customers who have stayed with the same banks and building societies for many years earn poor returns on their savings compared to people who have opened accounts more recently.
The Case Against Junior ISAs
Junior ISAs sound like a great idea, in theory. Parents can save up to £4,260 a year for each child. The money can be left in cash or invested in the stock market, with the returns added to the account tax-free.
But Junior ISAs, which were introduced in 2011, have one major flaw: The money passes to control of the child when they reach the age of 18.