By his own admission, financial advice is not the most exciting of subjects, so, today, Steve Dearn of Step-By-Step Financial Planners treated us to another one of his legendary quizzes. This one, about interest rates available on high-street banks’ ISA products—even on large deposits of money tied up for extended periods of time—was, as usual, a real eye-opener.
For example, the fixed-rate deal you can get from Lloyds Bank for a two-year deposit is only 0.55%. (Though banks can’t charge a management fee for cash ISAs.) Steve explained to us, however, that, clients of his who have been prepared to tolerate a certain level of risk to their money, made large enough deposits, and shopped around for the right product, have been able over the past couple of years to make gains equivalent to double-digit percentage growth in their principals—and, after the deduction of management fees, collected tidy nett profits.
This doesn’t constitute investment advice of course. And every client’s needs and appetite for risk are different. It’s literally Steve’s job to guide you through the choices available to you when you make investment decisions. Do get in touch with him to find out more.
Latest B2B totals
This week, B2B Tamworth generated a wallet-busting £22 854 of business, making a total in 2017 to date, of £173 827 of business shared among B2B members.
Next week’s speakers
At the meeting, after our very successful recent night at The Fig And Olive, we also discussed B2B’s next networking evening—yet another good reason to join if you feel you could fill one of our currently available professional seats at the table. To find out more, come along as a visitor to one of our weekly meetings. Please ring Scott Hayler on 07837 652007.