August 2016 - Moore Stephens Financial Services

What does the Santander 123 rate cut mean for savers?

Posted by | Interest Rates, News, Savings, Uncategorized | No Comments

Last week, Santander, one of the UK’s most popular high street banks, announced that they were cutting interest rates on their 123 account from 1st November 2016. The interest rate will be halved, taking it from the current top level of 3% down to 1.5% AER variable. This particular account is a regular feature within client cash savings for obvious reasons. A top rate of 3% far exceeds the vast…

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The Brexit effect for annuities and final salary pension schemes

Posted by | Brexit, News, Pensions, Uncategorized | No Comments

Global stock markets have tried to shrug off the Brexit effect since the vote to leave the European Union, but the impact for savers and retirees is only just starting to emerge. With the Bank of England reducing interest rates to 0.25% last week, savers will continue to struggle to earn any interest on their bank and building society savings. The reality is that interest rates were already so low…

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