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As we await Sunday’s ‘lockdown’ update from the government, please be assured that none of the measures adopted by Shore Financial Planning as a result of Covid-19 will be changed overnight. I will continue to put the welfare of clients and staff at the forefront of my decision making and, as such, we will continue to operate as we are for the foreseeable future with our team working efficiently and effectively from their homes, and our client meetings conducted by telephone or video link.

The implications of the most recent interest rate cut by the Bank of England (to 0.1%) are beginning to bite for savings accounts. Whilst I reported NS&I’s contrarian position a couple of weeks ago, other institutions are proving to be less benevolent. The table below outlines the current best instant access rates.

INSTITUTION VARIABLE INTEREST RATE MIN DEPOSIT MAX DEPOSIT FSCS PROTECTION
Marcus 1.2% £1 £250,000 £85,000 shared
RCI Bank 1.2% £100 £1,000,000 £85,000
Saga 1.2% inclusive of 0.2% bonus £1 £100,000 £85,000 shared
NS&I 1.16% £500 £1,000,000 BACKED BY UK GOVERNMENT

I am sure you will be observing VE day in your own way tomorrow. I will sign off with a poem we received from one of our clients this week, who was just 6 years old on 8th May 1945, thank you Sylvia, we thoroughly enjoyed receiving this.

I HAVE A PROBLEM – I AM CURSED,
IT IS OF THE VERY WORST,
‘COS NUMBERS THEY DO FRIGHTEN ME,
I WAS ABANDONED ALL AT SEA.
WHEN I THOUGHT TO TAKE NO MORE,
SAFELY THEN I CAME TO SHORE.
AS MIRACLES CAME INTO VIEW,
JON AND BEN AND ALI TOO.

THEY’VE PUT THOSE NUMBERS WELL IN LINE,
KICKED INTO TOUCH FROM ONE TO NINE,
ECONOMIC GROWTH AND A GOOD RETURN,
MUST MAKE MY NEST EGG EARN, EARN, EARN.
NOW WITH YOUR HELP I’M WORRY FREE,
‘COS I HAVE GOT GOOD EQUITY.
AND AS WELL A NICE PORTFOLIO
(IT’S REALLY GOOD, I’LL HAVE YOU KNOW).

THEY MANAGE GROWTH, AND BONDS RENEW,
HOW DO THEY KNOW JUST WHAT TO DO?
THERE’S STRANGE NEW NAMES JUST PASS ME BY,
LIKE DEBITS, CREDITS AND N.S.AND I.
THERE’S CHEQUES AND ASSETS, I.S.A.S,
INVESTMENTS FOR A RAINY DAY,
THERE’S FAST TRACK RISKS WITH INTERESTS HIGH,
OR SAFE AND SLOW TO AMBLE BY.

ALI’S BEEN SO KIND TO ME,
‘SPLAINING THINGS SO CAREFULLY.
NOW THE ANNUAL REVIEW’S HERE,
AND I MUST READ IT SOON I FEAR,
SO SIGN IT THEN I REALLY MUST,
TO SHOW THAT I HAVE GOT IT SUSSED.
BUT HOW TO YOU I MUST IMPART,
THE BESTEST THANKS RIGHT FROM MY HEART.

Stay safe,
Best wishes,
Jon.