Issue 131

INSIDE TRACK Don’t phone a friend for financial advice A recent report shows that the lack of financial education in the UK means that those who rely on family and friends for financial advice invariably lose out, simply because those individuals will have their own biases and could have views and information that are outdated or misinformed. This can lead to missed opportunities and financial mistakes being made. Worse still, there has been a growing trend for people to take financial advice from high-profile social media names who are pedalling investment products. The UK financial regulator (FCA) recently charged nine so-called ‘finfluencers’ with giving unauthorised advice. The UK investment and savings market is highly regulated for a reason. To be able to give financial advice, Lowes advisers, for example, have to take at least six exams and be authorised by the FCA. When we are investing and saving our hard-earned money, it always pays to use professionals, who have gone the hard mile to become experts in their field. Professional advice has been proven time and again to deliver the best overall outcomes. If you know someone you feel might benefit from Lowes investment expertise, please put them in touch.

Make your money work. Best bank & building society rates

Amount

Provider

Account

Gross Rate

Contact

£1,000 - £500,000 £1 - £1,000,000 £5,000 - £340,000 £5,000 - £500,000

Personal Easy Access (Issue 1)

Unrestricted instant access accounts

Oxbury Bank

4.94%

www.oxbury.com

Principality Building Society Union Bank of India The Access Bank UK Limited – Sensible Savings The Access Bank UK Limited – Sensible Savings

Online Bonus Triple Access Issue 2 1

5.00% 1

www.principality.co.uk

Bonus/restricted accounts

1 Year Fixed Rate Bond 5.40% www.unionbankofindiauk.co.uk

2 Year Fixed Rate Bond 5.06% www.sensiblesavings.co.uk

Fixed rate bonds

£5,000 - £500,000

3 Year Fixed Rate Bond 4.81% www.sensiblesavings.co.uk

Notes: Not to be considered an endorsement for any institution or account. 1 Rate drops to 0.10% on balances under £1,000. 2 Maximum 3 withdrawals per annum, then rate drops to 2%. Measures of inflation - The average change in prices of goods and services over a 12 month period to June 2024 Retail Prices Index (RPI) 2.9% Consumer Prices Index (CPI) 2.0% Sources: Providers’ websites, Office for National Statistics, www.thisismoney.co.uk, www.moneysupermarket.com, www.moneyfactscompare.co.uk 18/07/2024. All accounts subject to terms and conditions..

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If you would like to receive further information on any of the subjects featured in this issue please call: 0191 281 8811, fax: 0191 281 8365, e-mail: client@Lowes.co.uk, or write to us at: Freepost LOWES FINANCIAL MANAGEMENT. Lowes ® Financial Management Limited. Registered in England No: 1115681. Authorised and Regulated by the Financial Conduct Authority.

Lowes.co.uk

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