Whilst the recent Brexit vote surprised many of us, one thing is clear – there has never been a greater need for sound financial planning and investment advice. Here at CRS Consultants Ltd we believe that timing markets over the short term is impossible and the important thing is time in the market.
Since the Brexit vote, Mark Carney, governor of the Bank of England, has implied an interest rate cut could happen this summer. This will be a daunting prospect for those who have cash savings in the bank. The idea of savers being charged to keep their money in the bank might seem extraordinary even in an era of unprecedented monetary policy measures – and has never happened before in the UK. Now one of the country’s biggest banks, NatWest, part of RBS, has warned its business customers that it may have to charge for deposits. The announcement comes ahead of a meeting by the Bank of England next week which is widely expected to set a further historically low interest rate.
So are you prepared to receive negative interest on your cash savings?
Should you wish to discuss alternative options then contact us for a free no obligation savings review.