Lowes Magazine Issue 127

INSIDE TRACK

New planning ideas needed for future generations Mutual assurer, Royal London has warned parents wanting to help live-at-home adults to get on the property ladder to not be hasty in releasing funds from pensions and investments to do so. The consequences could be adverse for both parents and children. Parents could be reducing their planned retirement lifestyle by depleting accumulating funds or retirement income pots. The children on the other hand could be taking on mortgages that last into their retirement also affecting their standard of living in later life. In future, rather than having a mortgage fully paid up and a home to live in, retirement money for younger generations may well include ongoing mortgage or rent costs. This will require a different set of financial planning to the present day, Royal London predicts. Lowes usually recommends that wealth should not be given away and certainly not without a full review, as this can result in financial uncertainty in later life.

Make your money work. Best bank & building society rates

Amount

Provider

Account

Gross Rate

Contact

Personal Easy Access Account (Issue 1) 1

Unrestricted instant access accounts

£1 - £500,000

Oxbury Bank

4.46%

www.oxbury.com

Online Double Access Issue 2 2

£1 +

Principality B.S.

4.45% www.principality.co.uk

Accounts with restrictions

£1,000 + £1,000 + £1,000 - £85,0000

FirstSave FirstSave

1 Year Bond 2 Year Bond

6.10% 6.15%

www.firstsave.co.uk www.firstsave.co.uk

Fixed rate bonds

Investec Bank

3 Year Fixed Term Deposit

6.06%

www.raisin.co.uk

Notes: Not to be considered an endorsement for any institution or account. 1 Same day withdrawals limited to 1pm cut off time. 2 Maximum of two withdrawals permitter per year.

Measures of inflation - The average change in prices of goods and services over a 12 month period to June 2023 Retail Prices Index (RPI) 10.7% Consumer Prices Index (CPI) 7.9% Sources: Providers’ websites, Office for National Statistics, www.thisismoney.co.uk, www.moneysupermarket.com, www.moneyfacts.co.uk 19/07/2023. All accounts subject to terms and conditions.

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If you would like to receive further information on any of the subjects featured in this issue please call: 0191 281 8811, fax: 0191 281 8365, e-mail: client@Lowes.co.uk, or write to us at: Freepost LOWES FINANCIAL MANAGEMENT. Lowes ® Financial Management Limited. Registered in England No: 1115681. Authorised and Regulated by the Financial Conduct Authority.

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