Lowes Magazine Issue 129

INSIDE TRACK

Dangers for younger investors in the digital age Reports show that many younger investors, 18-30, have been taken in by get rich quick/the next big thing stories on social media. This has seen them pile into investments such as crypto currencies without knowing or understanding the risks involved. What is termed ‘deep fake’ advertising also trips people up, offering ‘opportunities’ purporting to be endorsed by celebrity names – Martin Lewis has been very vocal about fake adverts using his name, for example. Online, we only see the 1-2% who have been successful with their investments and not the 98% who were not, and may have lost money. The 1-2% can be presented as the norm when in fact they are far from it. While the UK Regulator has rules in place and recently consulted further on what additional measures may be necessary, the internet is global and UK rules do not apply to overseas operators. History shows that the most consistent means for people to grow wealth is through four key actions: regular saving and investment; accumulating wealth over the long term; diversifying portfolios; and investing in assets managed professionally to help minimise risk.

Make your money work. Best bank & building society rates

Amount

Provider

Account

Gross Rate

Contact

Unrestricted instant access accounts

£5,000 +

NatWest Ulster Bank

Loyalty Saver

5.20% www.ulsterbank.co.uk

Easy access savings account Issue 67 1 Year Fixed Rate Saver 24 Months Personal Fixed Term

£1,000 - £1 million

Kent Reliance

5.11% www.kentreliance.co.uk

£10,000 - £85,000

SmartSave

5.31%

www.smartsavebank.co.uk

Fixed rate bonds

£1 - £85,000

iFast Global Bank

5.10%

www.ifastgb.com

£10,000 - £2 million Close Brothers

3 Year Fixed Rate Bond 4.60% www.closesavings.co.uk

Notes: Not to be considered an endorsement for any institution or account.

Measures of inflation - The average change in prices of goods and services over a 12 month period to December 2023 Retail Prices Index (RPI) 5.2% Consumer Prices Index (CPI) 4% Sources: Providers’ websites, Office for National Statistics, www.thisismoney.co.uk, www.moneysupermarket.com, www.moneyfacts.co.uk 17/01/2024. 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.

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