Fortnightly financial 5 minutes #15 Andrew Hagger
Nigel Yeates, Communications and Stakeholder Business Partner, speaks to Andrew Hagger, Founder of MoneyComms, about making smart financial choices and guidance around seeking better deals.
Can you give our readers an introduction to MoneyComms? Am I right in saying you are all about helping people make smarter financial choices for them and their families?
Yes, that’s the crux of what we are trying to achieve – giving consumers useful information, tips and details of competitive products - which in turn enables them to make better financial choices and hopefully puts a little extra cash in their pocket (or bank account!)
What guidance would you give people regarding the financial firm or products they are currently using particularly if they are thinking of seeking better deals?
With regards savings, the market is thriving and there are now many best buy providers paying great returns, that consumers may not be familiar with.
However just because they don’t know the name, or it’s not one of the high street giants, we often stress that it doesn’t mean they should steer clear.
Whenever we publish a roundup of the best accounts, whether it’s easy access, fixed rate bonds or a Cash ISA, we always ensure that all examples quoted, are fully protected by the FSCS £85,000 individual limit.
In your conversations with individuals and firms, how aware are they of FSCS protection? Do they know about our protection checkers?
More people than you would think are aware of the FSCS, it’s something that’s been written about frequently over the years, and with financial fraud and scams a hot topic these days, people seem to be more diligent when it comes to their cash savings.
I’m not sure enough people know about the protection checkers, so I’ve made a note to mention it in my next savings round up – as it’s a handy resource.
You often write news pieces with hints and tips on personal finances. Looking ahead to the rest of 2023 what do you see as the key trends we should all be keeping an eye on?
Soaring interest rates mean it’s been a bumper year for savers, and many people will be earning way more interest than they have for almost a decade. The potential downside is that some consumers will be in danger of exceeding their personal savings allowance, so in 2023 I think we’ll see many more people using ISAs (Cash or Investment) as a way of protecting their interest income from the taxman.
Now, on a more personal note: if £10,000 landed in your lap tomorrow, what would you do with it?
A £10,000 windfall – mmmm! that would be great. The prudent side of me is saying put a chunk of it in Premium Savings Bonds and get the kitchen revamped as it’s long overdue – however, a season ticket for my beloved Norwich City FC and a fortnight all-inclusive in the Caribbean sounds much more fun!
Thanks very much Andrew for those thoughts and please do keep sharing as much as you can about FSCS.
For more information on what FSCS protects, see our What we cover page.
The content of any discussions shouldn't be taken as an indication of future FSCS policy positions. The views expressed by guests are their own and don't reflect the views of FSCS.
We would also love everyone to dedicate a regular extra five minutes to check their financial products and services are FSCS protected.