I grew up when it was encouraged to put money away for a rainy day. Credit was something to be avoided; if you wanted something you saved for it. Back then you could even increase your money by earning interest on your savings.
NatWest bank had a series of Wade piggy banks to collect for the younger customer, which was a hugely successful campaign and many of my friends took advantage of these sort of young saver accounts. Over 30 years on, things are very different!
Today most people use credit to pay for things they want and aren’t prepared to wait for; and the steep interest payments ensure people have little spare money to save.
If they do have money to save, the best interest rates lock them into not moving their cash for two to five years – sometimes longer. Not much good if they need it quickly or for an emergency.
Things are changing but not for the better. This article from summer 2016, highlights the possibility of major banks charging businesses for any money they may have in the bank.
If this happens, there will be knock on effect for us all. How long before normal people like you and I are charged to save for a rainy day?
The good news is that there is a solution to banks and it doesn’t entail stashing your cash under the mattress or beneath the floorboards.
We all need banks in this age of direct debits and internet banking, but we DON’T have to keep our savings with them. There are hundreds of savings/investment schemes available, but many require expert advice and/or significant amounts of money.
Gold however, doesn’t.
From as little as 1 gram at a time (around £35 – 40*), anyone can grow their gold holding, either having it delivered and keeping it at home (back to the floorboards scenario), or have it held in a secure vault, in your name, accessible at 24 hours’ notice.
So NOW when you want cash for that rainy day, you simply sell it back to the company and the CASH funds are transferred directly into your bank account.
Physical gold also offers protection from any banking crisis and as a hedge against devaluation of currency. Fine gold bullion is a real store of wealth… real money!
It’s a wise man or woman who looks at the options available to them.
*Dependent on the spot price at the time of buying and the rate charged above spot. Legacy Gold prices for 1g of fine gold start at Spot +10% to a maximum price of Spot+35% for storage.