economonkey

In the UK the government has a system called the Financial Services Compensation Scheme designed to protect savers’ deposits in the event of a bank collapsing, which seems to be happening every other week at the moment. If a bank, building society or credit union goes bust, the government will refund your money within certain […]

In case you didn’t already know this, the first £35,000 of savings you deposit in a bank or building society are guaranteed by the government in the event of that institution collapsing. Judging by the mass panic amongst Northern Rock customers last year, it seems likely that most people aren’t aware of this safety net. […]

People in the UK are saving the lowest amount of money in almost fifty years, according to research from the Office of National Statistics. In the first three months of 2008 Britons saved just 1.1% of their income, compared to 3% in the winter of 2007 and 6% in the summer of 2006.  The last […]

It’s been said that there are two types of people in the world: those who understand compound interest and those who are doomed to pay it. In this article we’ll investigate what that means and whether or not it’s actually true.
First, we need a definition of compounding and compound interest. When your interest is compounded […]