MBL: How to make your money grow

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 10 June 2020

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

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Summary

Adam Shaw and guests discuss how you can make a return on your money in turbulent economic times. With saving rates low and stock markets volatile what should your strategy be, even if you only have a small amount to invest?

Panel:

Anna Bowes, co-founder of Savings Champion Felix Milton, financial planner at Philip J Milton

Email your questions to [email protected]

Producer: Ben Carter Editor: Emma Rippon

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family? When lies are still being told to this day,
0:24.0	who do you believe? I wouldn't even know where to start and I'm with the IRA.
0:28.5	Steakknife. Listen first on BBC Sounds.
0:33.5	BBC Sounds, music, radio, podcasts. Welcome to this download of Moneybox Live, the program about your money.
0:42.3	Interest rates are incredibly low, and the stock market is not surprisingly volatile, given the times we're in.
0:48.2	So if you're lucky enough to have money to save or invest, how do you go about getting a decent return?
0:55.7	That's the topic for today's Moneybox Live. Do email us your questions to Moneybox at BBC.co.uk. Or please you can tweet us at Moneybox.
1:03.7	Well, Anna Bose is the co-founder of Savings Champion. Anna, I know you monitor the whole of the UK
1:09.7	savings market. So is it fair given that, to say it's a bit grim out there at the moment?
1:16.1	Yes, it's very fair. It is very grim and unfortunately it feels like it's going to get a bit grimmer. So we've had two base rate cuts in March down to a historic low of 0.1% from the Bank of England base rate.
1:32.0	And that is being felt by all savers as rate cuts are continuing.
1:37.6	And there are many accounts that are paying very, very low interest, almost nothing.
1:42.9	Yes, I think, is it 0.0.01%? I've seen on quite a lot of things.
1:47.0	0.0.01% a lot of accounts are either already paying that or are going to be paying that.
1:52.6	So the ones, and a lot of the ones that many people will hold. So the high street banks,
1:58.0	their easy access accounts are either have either already cut to cut to 0.01% or will be cutting to
2:03.2	that low. Okay. And that's not a reaction to COVID, but of course, the problems are made larger
2:09.3	because of that, isn't it? Well, yes, the base rate cuts were in effect because of the crisis
2:16.2	that we're suffering. So, so. And as a result, the rates are
	...

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