Everything you need to know about savings - and why you should ditch the big banks
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 25 January 2019
⏱️ 56 minutes
🧾️ Download transcript
Summary
In part one of two This is Money podcast specials, we tackle savings. When savings are mentioned, the first thought that springs to mind for many is: rates are low, what's the point?
In the latest This is Money podcast, assistant editor Lee Boyce and host Georgie Frost are joined by James Blower, the Savings Guru to explain why savings are important.
James has inside knowledge of the industry, having helped a number of challenger banks set up their savings business.
We talk about what the point of saving is and what you need to consider at different stages - and ages - of your life.
How do you save for your children, what about Isas, does higher risk equal higher reward and how do you save for a house?
We also talk about why the Financial Services Compensation Scheme is important and whether saving in cash over investing is ever a worthwhile exercise.
James takes us behind the scenes at how rates are set and reveals why he believes better deals are on the horizon for savers.
Furthermore, we call to action those who have left money languishing in poor paying accounts to help drive the banks and building societies to offer us better deals.
Join us next week for part two when editor Simon Lambert tackles everything you need to know about investing.
Transcript
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| 0:00.0 | Welcome to This Is Money podcast in partnership with NS&I. I'm your host, Georgie Frost, and alongside me today is Assistant Editor Lee Boyce. And for the next two episodes, we're focusing on making the most of your money. Now, next week, we're going to be looking at investing with Simon Lambert. But today, with the expert help of the savings guru, James Blower, we focus on savings, obviously. |
| 0:23.9 | What's the point? What options are there? How do banks figure out what rates to offer and why do you need to get active with your savings? |
| 0:30.3 | Don't forget, you stay up to date with all the latest breaking money news. Just go to this ismoney.com. |
| 0:34.2 | com or download the app. |
| 0:36.7 | This is Money, brought to you in partnership with NS&I. |
| 0:39.8 | For a gift, your little ones will appreciate even when they're not so little. |
| 0:43.1 | Give them premium bonds at NS&I.com. |
| 0:45.5 | Okay, I'm going to go straight forward. |
| 0:47.0 | Two questions. |
| 0:47.8 | When we talk about savings, lads, what do we mean? |
| 0:50.7 | Are we talking saving for a pair of trainers? |
| 0:53.3 | Rain and Day fund, short, medium and long term, |
| 0:56.2 | perhaps a house, because I imagine all perhaps require a slightly different approach. And secondly, |
| 1:02.0 | what is the down point? Now that may seem like a daft question, but the interest rates super low |
| 1:06.8 | for a very long time, a pretty plastic, happy generation not used to savings. And millennials |
| 1:12.3 | who argue, and you can understand why, when they're knee high in student debt and the |
| 1:16.4 | like from the minute they leave home, why on earth should they bother? So James the Savings |
| 1:20.5 | Guru, welcome to This Is Money podcast. Thank you for having me. You're very welcome. Before we |
| 1:25.8 | get stuck in, though, what makes you the savings guru? |
| 1:28.8 | What is the savings guru? |
| 1:29.8 | The savings guru's got two elements to it. |
| 1:33.3 | So the first part is that we get involved with building a number of new banks. |
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