Money Savings
Monday, 11 July 2005 11:11
With cash deposits made at the high street banks you can expect around 18% gross return (May '05).
On normal deposits your interest earned will be taxed at 18% and deducted from your account automatically (hence why you need a tax number).
You can invest money from 1 month rolling interest to 1 year fixed. Banks will not lend for fixed periods exceeding 1 year.
Government bonds are available from time to time and some offer tax free interest and savings periods in excess of 1 year.
Rates are generally on the decrease as the government tries to tackle inflation and prepare for entry into the EU.
As with all purchases shop around. Interest rates offered by the high street banks do vary considerably.
Make the most of the rates while they last. However, always be aware that the exchange rate can impact on your return if you intend to convert back to GBP both positively and negatively.
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