According to a survey by the owner of the Egg card, only around half of employees in the UK have savings that would cover them for at least 4 months. This is the average time people find themselves between jobs for having been made redundant.
Egg also looked at the amount of money needed to live in the UK today, which works out to GBP1,077 per month, without any luxury purchases included. So four months at this level should be the minimum level of savings held by people in the UK. As stated then half the UK working population would be unable to sustain themselves if they found themselves out of work.
An Egg card spokesman urged people to seriously consider their own situation as finding themselves in a position where they are unable to meet their monthly bills would be disastrous for many families.
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A new Abbey National fixed rate investment bond has just been launched onto the market for a limited time only so investors should act promptly.
For sums of less than GBP30,000 the Abbey National one year bond will pay a rate of 6.3 percent, while those with GBP30k to GBP2 million will receive a fixed rate of 6.5 percent. Interested investors have until 10 June to get their money into this excellent new opportunity, with the minimum amount needed being just GBP1,000.
A spokesman from Abbey National explained that fixed rate bonds are more popular than ever and that this particular one delivers one of the very best interest rates available on the high street.
Barclays customers who applied for the Tax Haven Cash ISA have received apologies from the bank following significant delays before their accounts were opened.
An apology is all they are going to receive though it appears as Barclays has stated it will not pay the interest that investors would have accrued if the accounts had been opened on time. It seems that a particularly heavy demand for the ISA created a number of administration difficulties for Barclays leading to delays in accepting applications and opening the accounts.
Assuming the person applying for the Barclays ISA had invested the maximum allowed of GBP3,600, they would have lost around GBP9 in interest so far. This in one way is not a vast amount of money, but the underlying principle is of much greater importance. Multiplied by the number of people taking out this particular Tax Haven Cash ISA it also becomes a much larger sum.
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