Fine print to consider when taking out financial products

What with record low interest rates and the burn of inflation making it even more painful, recent years have left many people in real difficulties as to where to their hard-earned savings. Everything seems to have risk, from government and corporate bonds through to shares and property. Even cash has the risk of its value being inflated away each year. In such circumstances it’s perhaps more essential than ever that wherever you choose to put your money you make sure that you take account of all the associated fine print.

If it is a cash isa for example this might include, among other things, checking that the account is covered by the Financial Services Compensation Scheme (FSCS) if this is something that concerns you. So, too, you might need to check whether there are minimum or maximum amounts associated with particular interest rates and whether there is a fixed term associated with a particular account.

Remember that although standard terms and conditions might sometimes looks incomprehensible at first glance, there does tend to be a reason for each of them. So maybe start with the headline points and then delve a little deeper into the detail. Above all, don’t be afraid to investigate further and ask questions if you’re at all unsure.

February 28, 2013 · Tim Kevan · Comments Closed
Posted in: Uncategorized