A Guide to Savings Accounts
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There are so many different savings accounts available it can be difficult to know which one is best for you - The price comparison site Moneysupermarket.com advises that you use their search tool in order to find which savings option would suit you best.
Of course, you can compare accounts all you like, but what should you be looking for in the first place? This short guide aims to highlight a few options, in order to help you make an informed decision.
Cash ISAs
Cash ISAs differ from ordinary savings accounts as they actually benefit from higher interest rates. Cash ISAs also pay out the interest completely tax free which can clearly be a huge benefit. This of course means that for all taxpayers, a cash ISA will usually beat a taxable savings account every time.
When they first came about they were initially available as either mini or maxi ISAs, however; this is no longer the case as this was changed on 6 April 2008. At the same time, the amount you can put into an ISA was also changed. Now, the amount you can put in has been increased for the over-50s only. For those under the age of 50, the rates will remain the same until 2010. Read the rest of this entry »
Life is tough as it is without having to pay for insurance, but one way or another they give you peace of mind. There’s the fact, however, that there are just some types of insurance required by the law, such as auto insurance. One topic that you might want to be more knowledgeable about in terms of that is how to get low cost teenage car insurance, which might seem extremely difficult to get these days is surely not impossible.
In this age of diminishing corporate givebacks, there is some good news. More companies are willing to offer so-called family-friendly benefits -perks that tend to be easy on the corporate coffers and, in turn, raise job satisfaction among employees. Some of these perks may be unwritten, and still others may be up for negotiating. So check out the ones below, and if your employer doesn’t offer them, try politely to push for a change in policy: 
If you work for a company that will help finance your golden years, consider yourself lucky. Since 1990 nearly 50,000 U.S. Firms have axed the traditional, company-paid pension. This benefit is quickly becoming a relic of the past. In 1988 close to 80% of the nation’s small- and medium-size companies offered this type of retirement package. That figure is closer to 65% today. Instead, the majority of companies are asking employees to fund their own retirements, most typically with 401(k) accounts; nonprofits often offer similar vehicles, known as 403(b) plans. Named for a section in the tax code, such “defined-contribution” plans let you stash away dollars, before they’re taxed, through payroll deductions. The earnings grow in your account tax-deferred. By federal law, employers must offer several places for you to park your 401(k) dough, such as stock and bond funds, money-market funds, and company stock. As a bonus, most employers will match a portion of your contributions, usually 50c for every dollar you ante up. 
Most large corporations dole out free life insurance equal to each employee’s annual pay. Anything more, say benefits counselors, is considered munificent indeed. (at Xerox, for instance, workers are entitled to life insurance payouts of up to six years’ pay, depending on their age and tenure). Typical, too, is free long-term disability coverage, which pays you as much as 60% of your salary should you become incapacitated. 
Be prepared for managed care to become a part of your life. Assuming your employer offers a choice between an HMO and a PPO, take a hard look at the HMO. It just might save you some money. Though your premiums may be slightly higher, HMOs typically carry no deductible and charge patients minimal co-payments (as little as $5) for doctor visits. Because they are so affordable, and limit your access to specific medical providers, HMOs are best for workers with average medical needs and for families with young children requiring routine, periodic checkups. 
The difference between a good job and a truly great one may be bundled in a package of perks. A decent benefits package -health coverage, life insurance, one or more retirement plans -may have a value of as much as a third of your pay or more; but many employers offer less. These days a generous benefits package is truly a gem to covet. As corporate America has looked for ways to cut costs, many firms have either cut back on their benefit plans, required employees to pony up more cash for their perks, or both. According to the Employers Council on Flexible Compensation, nearly half of its 480 member corporations slashed benefits in recent years. Moreover, many companies are asking employees to pay larger sums to cover both health premiums and medical deductibles. Businesses are getting especially stingy, too, about giving their retirees health benefits; some are forcing their ex-employees to pick up the entire tab for coverage, while others are eliminating health altogether for seniors. 
In this area of puny or nonexistent raises, it’s tough to get extra cash from your boss. It’s not impossible, though. The magic word is bonus. More and more, companies around the country are getting rid of annual raises and replacing them with bonuses. About 30% of large and medium-size businesses now award bonuses, and many more are planning to start. The big hitch is that even if your firm has a bonus program, you’re not guaranteed to receive a bonus. The size of the bonus -if you get one at all -depends on your performance on the job and your employer’s profits. Generally, bonuses range between 2% and 30% of your annual pay. There’s one other draw-back to a bonus system. Your benefits such as profit sharing, pensions, and life insurance typically are pegged to your base pay. So if you get a juicy bonus, that money won’t be included when figuring your bennies. To boost the size of your bonus, do whatever you can to show your boss just how useful you’ve been in marking your employer more profitable, efficient, or both. 
