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Escape low-interest bank accounts before you lose more money
Lately, I’ve been doing some digging into our bank accounts, and found one that was paying a paltry .75% interest and another paying 1.75% after a fixed-rate deal ended….so I wanted to share why now is the time to move your money to higher-paying interest accounts, and some ideas on what to do.
1. Inventory your accounts
Make sure you know about every open account you have. Ever wondered if you have some forgotten cash stashed away in a dormant account? It’s worth checking! You can contact your old banks or use online services that help track down these hidden treasures. You’d be surprised how quickly those small amounts add up. You can use ‘My Lost Account‘ to start a free search. It’s a joint venture from UK Finance, the Building Societies Association, …
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Open banking and Yolt
I went to the money saving bloggers event last week and met the team from Yolt, an app that helps consumers to benefit from open banking and aims to change our attitude to money. It’s bank agnostic and provides one view of financials.
Money is the root of all evil, apparently. Unfortunately, most of us in the UK, don’t have savings to cover three month emergency period. Some people don’t have the income to allow them to save, and others are simply not interested in saving.
Sometimes we’re irrational when it comes to money, and don’t really know the true value of products/services we buy. There’s this thing called anchoring you see. It’s used by restaurants for example, where there is a high price of wine or dish, and basically when you see the price, …
