Paul Lewis and guests answered your questions about saving and investing.
The savings environment remains challenging for people who want to generate income from their cash.
The Bank of England Base Rate has held at 0.5% since March 2009.
While the most competitive saving accounts pay more, you will need to monitor rates closely and be prepared to move your money to maximise returns.
say basic rate tax payers need an account paying 3.88% to beat inflation. The
Consumer Price Index (CPI)
is currently 3.1 % and the
Retail Price Index (RPI),
which includes housing costs is 4.7%.
Investors seeking better returns through stock market risk have experienced a volatile year. The FTSE 100 index fell from a high of 5825 on 15 April to a low of 4805 on 1 July and has since been recovering.
If you can afford to take a risk and you have the nerve for equities, how do you research the market, pick a fund or find out about charges?
If you need a safe place for your savings, where can you find the best interest rate and are there any catches?
Which products beat inflation?
Are you getting the best ISA rate and have you used your full allowance?
Perhaps you are considering bonds and gilts?
Whatever your question Paul Lewis and guests were ready to help.
• Liz Webb, chartered financial planner, Origen
• Darius McDermott, managing director, Chelsea Financial Services
• Clare Francis, site editor, Moneysupermarket
Presenter: Paul Lewis
Producers: Diane Richardson