Poll Results - How often do you deposit in a Cash ISA?

May 8th, 2012 posted by: marketing

To tie in with this years’ ISA season we asked you ‘How often do you deposit in a Cash ISA?’

 

Encouragingly, over half of you (55%) make the most of your tax free savings allowance and save the full amount every year into a Cash ISA.

 

A further 21% of you deposit in a Cash ISA each year using whatever money you have spare. This means that an impressive 76% of you are regularly saving tax free.

 

14% of you like to put money into a Cash ISA but do so only when you can manage it, which leaves only 8% of you who have never held a Cash ISA.

 

Currently you can deposit £5,640 into a Cash ISA and earn the interest tax free.

 

For our Cash ISA range please visit our website.

  

Please leave any comments below.

 

Another poll is up - please take it to tell us ‘How do you prefer to buy your insurance?’ You can take the poll on our homepage.

Poll results – What are you giving up for lent?

March 12th, 2012 posted by: marketing

This time we asked you what you would be giving up for lent.

 

Thank you to everyone who took part in this poll. A massive 74% of you were not giving up anything for lent; perhaps better not to try than to try and fail was the order of the day.

 

A very respectable 11% of you took on the mighty challenge of giving up chocolate, which was followed closely by 8% of you trying to be healthy and not drinking alcohol.

 

Only 5% of you were giving up fast food and no-one decided to give up smoking – a task perhaps saved for a New Year’s Resolution.

 

Whatever you decided to give up for lent we hope you’ve stayed strong!

  

Please leave any comments below.

 

Another seasonal poll is up - please take it to tell us how often you deposit in a Cash ISA. You can take the poll on our homepage.

Poll Results – My financial resolution for 2012 is…

February 20th, 2012 posted by: marketing

This time we asked you what your financial resolution for 2012 is.

 

The results were very tight with only 4% separating all four options.

 

The winning resolution with 27% of the votes was ‘to save more’. Visit our savings page for details on all of our savings accounts, pop into your nearest branch and speak to a member of staff, or call our Contact Centre on 0800 072 1100 for more information.

 

To save more was followed very closely by ‘to spend less’ with 26% of the votes. The remaining two answers secured 23% of the votes each. These were ‘to earn more’ and ‘to pay off my debts’ respectively.

 

Whatever your financial resolution is for 2012, we hope it’s still going strong.

  

Please leave any comments below.

 

Another seasonal poll is up - please take it to tell us what you will be giving up for Lent. You can take the poll on our homepage.

 

 

December Poll Results

January 6th, 2012 posted by: marketing

Last month we asked you ‘When do you do the bulk of your Christmas Shopping?’.

 

An impressive 33% of you are organised and get it done over a month before Christmas – well done! 24% do their shopping in the first to weeks of December, and 18% are more likely to be rushing about in the third week of December.

 

Only 3% of you leave your shopping until Christmas Eve, and the remaining 20% pick up bargains in the January sales for Christmas! Do you have friends or family who agree to ‘gift’ after Christmas, or do the presents stay hidden all year and come out the following Christmas?

 

Please leave any comments below!

 

Another seasonal poll is up - please take it to tell us your main financial New Year’s Resolution! You can take the poll on our homepage.

Poll Results - Switching Current Accounts

November 22nd, 2011 posted by: marketing

We asked you about your experiences of changing current accounts, if you’d ever attempted to do so!

 

Of our respondents, the largest proportion said that changing bank accounts is ‘too much hassle’ (41%) followed by 25% saying they were happy with their bank account so hadn’t needed to switch. 16% were possibly not as content, but felt that current accounts are ‘all much the same’. Which means that 17% have switched; 14% said they were glad that they did, and only 2% said it wasn’t worth it.

 

Feel free to post your experiences of switching current accounts below. What would motivate you to change? Rewards? More value for money from account fees? More free perks such as mobile banking? And what are the most important things that you look for in a current account? Comments are always welcomed!

Most young people aspire to buy own home by age 30, according to BSA’s Property Tracker

September 27th, 2011 posted by: marketing

More than eight out of ten young people (18-24) still aspire to own their own home by the time they are 30, reports the quarterly consumer survey published by The Building Societies Association on 21 September 2011. 

 

‘Property Tracker’, which reports the views of over 2,000 UK adults about the housing market every three months, also highlights a sharp jump in the number of people who see raising a deposit as a barrier to home ownership, up from 62% in June to 69% in September, the highest percentage reported for this factor since the survey began in June 2008.

 

Only 16% of respondents said that they were concerned about future falls in house prices, down from 51% in September 2008 and 27% this time last year. The median forecast is for house prices to remain flat for the next 12 months.  

 

Exert from the BSA’s press release which can be viewed in full here

 

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Saffron Building Society’s commitment to helping first time buyers continues with the reduction of the rate on its 95% LTV First Time Buyer mortgage. The rate has reduced from 6.49% to the new rate of 5.79% which is fixed until 30/04/15. The overall cost for comparison is 5.7% APR. With only a 5% deposit required and just a £195 fee it really does break down some of the barriers being cited by prospective first time buyers. Others fees are payable; please ask for a Key Facts Illustration which will detail the fees which will apply to your mortgage.

 

After 30 April 2015 the rate will move to our Standard Variable Rate which is currently 5.39% with no tie in. Until this time an Early Repayment Charge of 2% of the initial advance will apply if you want to pay the mortgage off.

 

The ‘Rent to Buy’ Mortgage is for first time buyers who have been renting for 12 months or more. It uses the prospective buyer’s rental payment history as evidence of their ability to afford an equivalent monthly mortgage payment and combines this assessment with the standard credit history and affordability checks.

 

The repayment only mortgage is available direct from Saffron’s branches or Contact Centre and via a range of brokers including, Complete and Mortgage Talk, having previously only been available through John Charcoal.

 

John Eastgate, Saffron’s Sales and Marketing Director said: “By reducing the rate and increasing the distribution, it is our hope that more people will be able to take their first steps on to the property ladder with this mortgage. It makes sense that someone who has proven that they can regularly meet rental payments would be able to afford a mortgage and we hope this product will help them do just that.” 

 

Full details of Saffron’s First Time Buyer mortgage are available here

 

Please note that all offers are limited and Saffron retains the right to withdraw products.

 

All details correct at time of publication.

 

 

 

 

 

Poll Results - What are you plans for the summer?

September 23rd, 2011 posted by: marketing

Over the summer, we asked you about your plans for the holidays and of our respondents, over half (51%) were sadly working all summer! Mind you, given the weather over the last couple of months, saving holiday for another point in the year might prove to be sensible…

 

Only one person was off work but staying local through their holiday. 8% were going away in the UK. 25% of you were getting away to Europe. And a lucky 13% were off on a long-haul getaway.

 

Our latest poll asks you whether you have ever changed your current account and, if not, why not and if you have, whether it was worth the hassle! We’d love to hear from you - the poll is on our homepage at www.saffronbs.co.uk

Thinking about retirement?

September 16th, 2011 posted by: marketing

Having looked at your budget and your plans so far, this section should help clarify the income you can expect, and how to make your assets last to give you a long and comfortable retirement.

 

Your Pension

If you’re still working, take a step back to consider your options for boosting your retirement income – while you still can!

 

What can you expect when you retire?

Personal/company pensions

Talk to your providers to forecast what you are likely to receive when you retire. You can take retirement income with personal or company pensions at the age of 55 – but some schemes have additional rules,
so it’s worth checking.

State pension and benefits

The very least that most of us can expect when we reach the official retirement age, subject to NI contributions. You can visit www.direct.gov.uk to download the appropriate form to get a forecast of how much your state pension will be.

You can currently take the State Pension at the age of 65, but State Pension age is set to increase.

         
Visit
www.direct.gov.uk for a full list of benefits available in retirement.

         
Based on the forecast that you receive, are you contributing enough now to ensure a comfortable retirement? If you have any concerns, talk to your provider or an IFA. They will be able to suggest ways to help increase your retirement wealth.

Add to this your investments and other assets, and you’ll have a clearer idea of your financial situation once you’ve retired.

 

Independent Financial Advice

Your latter years of work offer the opportunity to save more towards your retirement, but it’s also a good time to review your investments.

An Independent Financial Adviser can offer you the time and the expertise to help you make clear-sighted, well-informed decisions about your financial future.

For more information visit our website, call us on 0800 072 1100 or ask in branch.

 

Saving for a family

September 16th, 2011 posted by: marketing

They’re the centre of your world and they come before everything else. The financial impact of starting a family can be monumental, but with planning, it may be possible to be prepared for any additional expenses as your children grow and work their way to financial independence.

School Costs

You may need to find money for school fees – a week at a nursery is likely to cost around £88*; a young adult boarding at a private sixth form could cost £8,000 per term*. Not only could private education cost you more than buying a house, but it’s worth noting that school fees have risen three times faster than inflation over the last 20 years.

         
Planning to meet school fees requires time and thorough research. If you wish to privately educate your children but are concerned about paying the fees, talking to an IFA is a good start.

State schools may be ‘free’, but on average parents have to find £1,300 per child per year for school-related costs, such as transport, uniform, lunches, school trips, music lessons, sports equipment… the list is extensive!

 

With this in mind, it’s sensible to have a savings account set up as soon as possible to help each of your children along their way through school. With funds in place, your children will be able to get the most out of their school years.

         
If you can put £50 into savings for each child each month from birth, by the time they are 11, you’ll be ready for their secondary school expenses.

                               
Saffron offer a number of children’s accounts, offering you a friendly, local place to start saving for your children’s futures. As your children get older, they can help by adding their pocket money or birthday/Christmas money to their savings. By getting children involved in their accounts, their financial literacy gets a real head start.

University Fees

As tuition fees rise, the cost of an undergraduate degree is now around £10,000 and likely to rise – and that’s excluding rent, bills and living expenses.

While some support is available in the form of student loans and limited bursaries, students typically emerge from higher education with thousands of pounds of debt.

  Why not help your children to put themselves through university? You could open them a savings account and offer to match or better anything they can put away…

  Alternatively, factor the fees and cost of living in to your financial planning. Depending on how old your children are, there may be an investment option out there that will deliver what they need by the time that they need it.

         
If you’re planning to invest to cover University fees, a conversation with an IFA is a good place to start! Visit our website,
call 0845 600 7432, or ask in branch.

Getting on the property ladder

Many parents want to help their children buy their first home when the time comes, and with credit sometimes hard to come by, it’s often a well-received boost for your kids.

With first-time buyer properties in this region on the market for between £100,000 and £150,000, first-time buyers will need a deposit of between £10,000 and £30,000 depending on the value of the property and the size of the deposit required for the mortgage.

  Again, you could help them with their own savings by offering to boost whatever they can raise themselves.

  Alternatively, you may be eligible to be a guarantor on your child’s mortgage. This is a great option to ensure that your child is considered by a wider range of lenders.

         
If you’re exploring the options for getting your children on to the property ladder, a chat with one of Saffron’s mortgage specialists could help. Ask in your local branch for details, call 0800 072 1100 or take a look at our website.

Protection Planning

While your children are still financially dependent on you, it’s really important to have financial protection in place, to protect them from the unexpected such as bereavement or a major illness in the family.

         
Talk to our IFAs about life insurance, and income and wealth protection to safeguard against worse-case scenarios.
Visit our website,
call 0845 600 7432, or ask in branch to find out more.

Wills

Though it’s not cheerful to think about, it’s advisable that everyone over 18 has a Will prepared and reviews it regularly and whenever their circumstances or family changes (eg: through marriage, separation
or every time a new child is born).

         
Making a Will doesn’t have to be complicated or expensive. Saffron offer a Will writing service through
our partnership with Flint Bishop, who are regulated by the Law Society. Call us on 0800 072 1100 for more information or visit our wesbite.

 

Inheritance

If your parents are approaching or already enjoying their retirement, they may be thinking about how to pass some of their wealth to their children and grandchildren, protecting as much from the taxman as possible.

There are ways of passing on some of your estate without incurring full tax liability.

  You can give gifts of up to £3,000 each year which will be exempt from Inheritance Tax.

  Put money into trusts – a legal arrangement which allows you to distribute wealth in accordance with your wishes. You can place conditions on the trust and keep some interest in it even though you no longer own it.

Some gifts made during your lifetime are exempt from Inheritance Tax because of the type of gift, or the reason for making it. For example, for a wedding or civil partnership:

  Parents can give cash or gifts worth £5000.

  Grandparents or other relatives can give cash or gifts worth £2,500

  Anyone else can give cash or gifts worth £1,000.

  Small gifts up to the value of £250 can be given to as many people as they like in any one tax year. However, they can’t give a larger sum and claim exemption for the first £250.

         
For more information about Inheritance Planning, visit
www.direct.gov.uk or talk to our IFAs, call 0845 600 7432 or visit our website.

 *Sources  www.daycaretrust.co.uk  www.privateschools.co.uk www.fundingeducation.co.uk

A quick guide to tax free savings

September 16th, 2011 posted by: marketing

There are a number of ways to protect your money from the tax man.

Is your money as tax-efficient as it could be?

Individual Savings Account (ISA)
Every saver over the age of 16 is entitled to invest in an ISA, part of which can be in a Cash ISA. To find out about the latest ISA limits, visit HMRC. To be able to put this much away tax free each year is a real boost to anyone’s savings. We recommend you use your ISA allowance each year.

ISAs are one of Saffron’s core savings products. Our Savings leaflets explain what we offer, or visit our website.

Stocks and Shares ISAs are available through Saffron IFA. For more information visit our website, call
0845 600 7432, or ask in branch.

Pensions
These are a great place for investing for retirement as any growth made on your pension is tax free. In addition, the government add the tax that you pay back on to your investment - so if you are a basic rate tax payer and have added £100 to your pension, the government will add £20. Finally, should you wish, you are able to take 25% of your total pension as a lump sum when you retire, tax free, subject to other restrictions*.

Tax Allowances
If you have an investment that increases in value, you may have to pay Capital Gains Tax (CGT) on those above a certain threshold.

If you think you may be affected by Capital Gains Tax, it may well be worth talking to an Independent Financial Adviser.

For more information on CGT, visit http://www.direct.gov.uk/en/index.htm.
Remember: your needs should be the main drive behind your choice of investment. Tax benefits should be a secondary consideration.
If you want to explore whether your investments could be more tax-efficient, one of our IFAs may be able to advise you.
* Subject to certain limitations. Based on current rates and allowances.