Martin Lewis: Money Saving Expert advises on how to prepare for negative interest rates | Personal Finance | Finance


Martin explained home insurance usually covers cash sums up to £1,000 – which, of course, can be substantially less than people have in savings.

As a result, if the worst were to happen, such as a fire, break-in or flood, for example, money could be lost forever.

Under the Financial Services Compensation Scheme (FSCS), accredited banks protect monetary sums up to £85,000. 

As a result, Martin said, it is still very much worthwhile for Britons to keep their savings in the bank.

However, while the prospect of negative interest rates is still an uncertain one, there are preparatory measures Britons can take in the meantime.

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