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Spring is sprung, now for the new year (!?)

Let’s begin with a quiz question.

Why does the financial year run from April to March and not throughout a calendar year, which would seem to be more sensible?

daffodils-springAs with all things which seem to make no sense, like the Imperial measurement system, the roots of this peculiarity can be traced back to the formation of the British Empire. The year 1752, to be precise, when the East India Company adopted the Gregorian system of accounting which deemed the trading year to begin on the first day of Spring.

There is some academic debate apparently, whether that was March 20 or April 1, so it defies yet more logic that the new financial year these days begins on April 6.

We’ll leave that one with you, but as we can all see out of our newly-cleaned windows, Spring is very much here – and it is as welcome as the Snowdrops and Daffodils that mark its arrival.

A time for renewal and fresh thinking for a new year, then, so perhaps it does in fact make sense that, in the same way as we are eying up Winter decay around the house for renewal, it is time to take a fresh look at one’s household finances.

So here’s our list of things to look at:

Bank or Building Society Account

Are you getting the best possible interest on your savings? Does it have penalties for withdrawals? Has the interest rate changed recently? Looking through the ‘Best Buy’ tables of almost any national newspaper or financial website will give you a better idea. If there’s a better one on the market than you already have, then switch, but be mindful that in an era of historically low interest rates, any increase may be marginal.

A good place to start your research is here, our savings homepage.

Individual Savings Account

From this April the annual limit you can save into your tax-free wrapper rises substantially to £20,000 each year. It makes ultimate sense then to make sure the nest-egg you are putting away for your future is making you the best possible return, whether that be in cash savings or stocks and shares investments. 

You don’t have to stick with the same provider. As long as you have only one ISA in each tax year you can start afresh each time - and there is some sense in doing so by diversifying your savings.

There are plenty of ISA accounts on offer, for youngsters as well as adults, and you can find out more about the range on offer from the Family Building Society here.

Even better, for those who want to know that they are always enjoying a competitive rate on their ISA no matter the time of year, we also offer a Market Tracker Cash ISA that offers an average interest rate of the 20 highest gross annual variable interest rates.

Mortgages

New year, new thinking. Perhaps you want to do something about the equity in your house? Perhaps you have children of grandchildren who desperately need help to get on that imposing housing ladder? Maybe now is the time to start thinking about boosting your retirement income?

There can be a million questions and answers – it all depends on your personal requirements.

Happily, we can help with them all.

Just click here or feel free to call one of our friendly and highly-trained staff on 03330 140140.

One thing is for sure – we can certainly help your finances bloom.

Ends

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Family Building Society
Ebbisham House
30 Church Street
Epsom
Surrey KT17 4NL
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