Will rates keep rising and are cash Isas a good option again? Savings special podcast
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 12 August 2022
⏱️ 60 minutes
🧾️ Download transcript
Summary
At the same time, with base rate rising to try and curb inflation, savings deals have become far better than they have been in the last decade.
This week, Georgie Frost and Lee Boyce are joined by a special guest: James Blower, AKA The Savings Guru, who gives his take on where savings rates are heading next.
With lesser known challengers paying the best rates, how do you know they’re any good? And should you fix now or wait?
He explains how savings rates set, why big banks are slow to pass on base rate movements and with savings deals improving, James explains why a cash Isa might be a good home for your money once more.
Elsewhere, times are tough with plenty of misery on the horizon thanks to rising energy bills. Latest predictions suggest the price cap could land somewhere between £4,000 and £5,000 a year.
Much has been said this week about households, but what about businesses which are slowly being crushed under the weight of rising costs?
Not protected by an energy cap, some hospitality bosses are said to be considering closing down due to unprecedented energy bills while three quarters are thinking about reduced opening hours.
And with household prices set to soar, a Don’t Pay UK movement has grown suggesting cancelling direct debits – but is that a wise idea?
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me today is Deputy Editor Lee Boyce, |
| 0:07.8 | but also special guest James Blower, aka the Savings Guru. |
| 0:12.0 | And coming up, are we headed for a savings crisis? |
| 0:14.9 | The cost of living looks set to take a significant bite out of the parts of all but the richest households. |
| 0:20.7 | We'll get an education in the impact of base rate rises on savings interests and how banks |
| 0:25.6 | decide what rates to set their accounts. |
| 0:27.6 | We'll find out how you can check if a challenger is any good, asking whether now is a good |
| 0:32.6 | time to lock in, that's if you still have any savings, are cash ice is worth a punt? And where will rates go next? |
| 0:38.9 | Also today, how businesses faring in the cost of living crisis |
| 0:42.0 | and with energy bills set to shoot past foreground this January, |
| 0:46.1 | should you just not pay? |
| 0:48.1 | Don't forget you to up to date with all the latest breaking money news. |
| 0:50.4 | Just go to this ismoney.co.com or download the app. |
| 0:54.5 | Market updates and conversations around the financial world don't have to be boring. |
| 0:58.7 | The Digest Invest Podcast by Eatoro is a great way to tune into what's happening in a fun |
| 1:03.4 | and easily digestible format. |
| 1:05.7 | Discover the Digest and Invest podcast at Eatoro.com forward slash academy forward slash podcasts. |
| 1:11.3 | The first, rising prices are forcing many of us to dip into our savings pots, |
| 1:15.7 | but it's thought to be middle income households in general that will see the biggest hit |
| 1:19.6 | of any income group over the next year. |
| 1:21.7 | That's according to a study by Hargreaves, Lansdowne and Oxford Economics. |
| 1:25.8 | Only the richest 10% of households they reckon are likely |
... |
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