HSBC banking urges people to seek savings advice
www.moneynews.co.uk > Banking > HSBC banking urges people to seek savings advice
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HSBC banking urges people to seek savings advice
Mon 5th Jul 2010
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David Wells, head of pensions, savings and investments at the financial services provider, noted that it is a common choice to utilise fixed-rate tools to gain the best returns on capital.
However, he suggested that it is vital to consider all the options available before continuing with this strategy in the future, since there may be a more profitable or less risky route on offer.
"Those who want to reinvest savings from matured fixed-rate products into similar deals will find that their income drops significantly," remarked Mr Wells.
His comments were made after HSBC banking revealed that more than 5.5 million fixed-rate products are maturing this year, which could lead to a fall in income for many people.
Last month, the same firm suggested that onshore bonds may become more popular soon, as they still receive indexation relief on capital gains.
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Related News : Banking |
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Related News : HSBC |
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