How the financial experts safeguard THEIR money
THE toxic mix of inflation and low interest rates impacts on everyone. We spoke to leading financial experts to see what they have done in response. HANNAH MAUNDRELL, editor, money.co.uk: ‘I’m splitting any spare cash between my First Direct regular savings account paying 6 per cent and the account linked to my offset mortgage. By offsetting my savings it means I pay less interest on my mortgage, should pay it off faster and I can still get at my money if I need it.’ ANNABEL BRODIE-SMITH, director, Association of Investment Companies: ‘We have benefited as a family from the cut in base rate. We have an offset mortgage so although we are getting little interest on the related cash savings account, it’s reducing the mortgage balance we pay interest on. We have a good slug of our investments in global and emerging markets investment trusts which have received a currency boost from sterling’s collapse. I’ve thought about investing more overseas but I’ve so far resisted the temptation. Mouths to feed.’ KAREN BARRETT, chief executive, unbiased.co.uk: ‘We’re holding on to our stocks and shares Isa but we’ve moved some of our cash savings into Premium Bonds – more for fun than part of a financial strategy. So far so good – they’ve generated more in prizes than the interest on our savings.’ JASON HOLLANDS, director, Tilney Bestinvest: ‘I’m considering remortgaging the family home and moving on to a fixed rate. I might borrow a little more. That would enable us to fit the new kitchen my wife has waited so patiently for. As the saying goes, a happy wife makes for a happy life.’ ANNA BOWES, director, SavingsChampion: ‘I have become a bit of a scrooge since Brexit. I scour website Groupon daily in search of bargains. I’ve also delayed putting on the heating this year, opting instead for that extra jumper.’