AIFA call for incentives for savers - Savings - News - Moneyfacts


AIFA call for incentives for savers

AIFA call for incentives for savers

Category: Savings

Updated: 12/03/2009
First Published: 12/03/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Government has been called upon to provide consumers with incentives to invest in their long term financial wellbeing.

The plea, which comes just weeks before details of the April Budget are unveiled, has been made by The Association of Independent Financial Advisers (AIFA).

Amongst its suggestions are a review of tax incentivised savings regimes, an increase in the ISA allowances and the introduction of tax free savings accounts, which would potential first time buyers to save towards a deposit.

"The current economic conditions demonstrate that the UK's reliance on credit cannot continue," said Chris Cummings, AIFA director general. "It is therefore essential that the Budget includes measurements which will incentivise people to save for the future."

The advice comes days after figures from the Bank of England showed that the average interest rate for savers who require instant access to their funds is close to zero per cent. However, savers can still find get decent returns on their money if they are prepared to shop around smaller building societies and consider online deals.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

6 of the best monthly interest savings accounts

Monthly interest savings accounts pay interest on your savings each month – as opposed to yearly – and therefore allow you to take a regular income from your hard-earned cash.

Savings being used as a festive financial buffer

Good news from RCI Bank UK – its latest research shows that many of us are saving more than we were a year ago, but the question is, will you be dipping into that buffer to cover the cost of Christmas?

6 of the best easy access savings accounts

Easy-access savings accounts are as simple as they sound – they allow you to access your money whenever you need it, without having to give advance notice, and they also allow you to pay into them at any time. Here are six of the best.