Saving tips could benefit new mums and dads
Those looking to save for the arrival of their first child - or even the second or third addition to their family - could be interested in hearing some money-saving tips.
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Those looking to save for the arrival of their first child - or even the second or third addition to their family - could be interested in hearing some money-saving tips.
According to research from Moneyfacts.co.uk, one in ten variable rate savings accounts have reduced the level of interest they offer in the last 12 months.
Parents saving for the arrival of a new baby could find a lower rate of interest makes a dent in their finances at just the wrong time and may find it a good chance to change their bank account.
Chartered financial planner at Informed Choice Martin Bamford said: "Savers need to shop around as there is a big gap between the least and most competitive rates. This needs to be a regular activity done at least annually."
As well as this, Mr Bamford noted that with the Bank of England rate of interest "likely" to rise at some point in the not-so-distant future, people may find it an unwise move to fix their savings rate for longer than a year.
