What Does the Continued Low Interest Rate Mean for Savers?
LONDON, August 9, 2010 /PRNewswire-FirstCall/ -- As Bank of England Governor, Mervyn King, warns that the interest rates won't be going up in the near future, despite a 1.1 per cent growth in GDP, Barclays Wealth is advising people that they need to be proactive in making their savings work harder.
Following Mr King's announcement to the UK Treasury Select Committee, Barclays Wealth has issued advice to savers looking for the highest returns with minimal risk.
'We recognise that low interest rates is great news for those with loans and mortgages, but is not what those looking to make a return on their savings, particularly those who are relying on savings for future planning and retirement, wanted to hear,' said Mark Richards, Managing Director, Head of Sales, Barclays Wealth International.
Barclays Wealth's top tips include: - Look for fixed term, fixed return accounts - with interest rates likely to remain low. - Diversify - spread your money to spread the risk and potential rewards - consider other types of accounts such as long-term deposits and Structured deposits. - Time your income - plan the dates on which investments and savings plans mature carefully. - Look at the options available and be open to new ideas - the best rates may be offered on accounts that require a significant deposit, other good rates can be found on regular saver accounts.
'I am delighted that in recent months we have seen a growing trend towards saving and confidence locally seems to be on the up. The Barclays Wealth Relationship Manager Service is opening more savings accounts presently than we have done since before the economic downturn began. It is really positive news that clients are looking to their futures and feeling able to plan and save. The news of continued low interest rates should not deter savers - there really are some great products out there which offer good returns,' said Mr Richards.
'We have just launched the Barclays Wealth New Client Term Deposit, offering a fixed rate of 3% gross/AER on sterling and 2.5% gross/AER on euro or US dollar deposits for 12 months, available to new clients who join Barclays Wealth and make a deposit between GBP10,000 and GBP250,000 (or currency equivalent). We also offer alternative savings plans as we recognise it's all about finding the product to suit your current circumstances.'
For more information about the Barclays Wealth New Client Deposit, please call +44(0)1624-684301, visit http://www.barclayswealth.com/pr or apply online at: http://www.barclayswealth.com/internationalapply The Barclays Wealth New Client Term Deposit is restricted for sale in certain jurisdictions, visit: http://www.barclayswealth.com/pr to check eligibility.
NOTES TO EDITORS:
The Barclays Wealth New Client Term Deposit officially launches on 9th August 2010. The account offers an interest rate of 3% gross/AER for sterling deposits on a 12 month fixed term and is available to new clients of Barclays Wealth. Minimum deposit of GBP10,000 and maximum deposit of GBP250,000. The account is also available in euro and US dollar paying 2.5% gross/AER.
About Barclays Wealth
Barclays Wealth is a leading global wealth manager, and the UK's largest, with total client assets of GBP151.3bn, as at 31 December 2009. With offices in over 20 countries, Barclays Wealth serves affluent, high net worth and intermediary clients worldwide, providing international and private banking, investment management, fiduciary services, and brokerage.
Barclays Group is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services with an extensive international presence in Europe, the Americas, Africa and Asia.
With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 144,000 people. Barclays moves, lends, invests and protects money for over 49 million customers and clients worldwide.
For further information about Barclays Wealth, please visit our website http://www.barclayswealth.com/international.
Twitter page: http://www.twitter.com/barclayswealth
SOURCE Barclays Wealth International
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