MoneySavings and Investments

Warning: Losing Money with Some Savings Accounts

Loosing Interest on Savings Account

It’s crucial to be aware that with certain savings accounts, you may inadvertently lose money due to delayed transfers by banks. Some institutions hold onto deposited funds for more than a day before initiating the transfer process. As a result, account holders miss out on accruing interest for those days. This delay underscores the importance of scrutinizing the terms and conditions of savings accounts to mitigate potential financial losses and ensure optimal returns on investments.

Government Deposit and Savings Guarantee Schemes

Several countries offer Deposit and Savings Guarantee Schemes.
It is important to check if savings are protected. 
The Financial Services Compensation Scheme (FSCS) stands as the deposit guarantee scheme in the United Kingdom, At its current level, the FSCS guarantees a sum of up to £85,000.  This can however change at short notice.
There are similar schemes in other countries.

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