The interest rates are down. These are tough times for the economy and all of us. The times to come are hard to predict. Just a few days ago, the ECB chief said that the worst is over for the Euro. We heard the same for British Pounds about two years back, but we know that it has yet to be. Investing in the stock market is something you won’t dare think of unless you are someone who has a mind as sharp as that of George Soros. The rest, and most of the British, have to think of relatively stable ways to save for the future.
Having a capital saving account seems to be one of the most reliable investments that one can make in the current economic scenario. It allows you a decent interest rate after a fixed period of time, and you also get to earn some more profit from the bonus interest offered by many banks. Variable interest rates also show a hope that should the economy improve, there will be a rise in interest rates. One can easily open a saving account, with no complicated calculations required. However, these capital saving accounts have their own limitations. Gone are the days when the interest rate in Britain used to be at 6% or more. The current scenario is relatively bleak. For example, GE Capital Savings Accounts, one of the most attractive saving accounts that offer the highest interest rates, offer around 2.5% gross interest. Certainly, the grandpa is not going to advise you in favor of saving money at such low-interest rates. While these interest rates are not even half of what these once used to be, these are not as ugly as they appear. You need to be realistic. Do we have any other decent option in Britain?
The London Stock Market has seen some of the biggest companies listed on its board crashing. London, which once used to be the world capital for insurance companies, is now almost like a destroyed battleground. Most companies are shifting abroad. Australia, India, and Malaysia are the new attractions for investors. And the response from the Cameron government is to introduce parenting classes! The economic conditions in Europe are no better either. We can’t move our capital abroad unless we have much of it to make a significant investment there. In such mercurial times, savings accounts present the only option to the British people.
Ordinary people may take time to accept this reality. However, think of this: When everyone, even the illegal immigrant, is fleeing Britain, the banks are still rushing in. This is so because everyone who understands finance and economics realizes that the people here are left with no better alternative. If it is so, it is of no use to stay away from making some just because you cannot make much. All you must search for is a saving account, like GE Capital Savings Accounts, that offer maximum interest rates and allow you unlimited withdrawals without placing any cumbersome demand for always having thousands of Pounds in your account.
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