How to save money in Spain

The interest rate cut on savings held in Sterling was not the best news for many trying to get some interest on their saving in GBP. But, is there away around it? There are always different ways of looking at how you can save money and make money at the same time. Keeping your money in the traditional way may not be the best alternative at the moment.

Of course, you should still try to save your money. First of all, cutting down on bills is something that we all try to do. Once you have done that, there are other ways of saving money that you could take a look at. For instance, if you have access to currency markets, you could transfer your money into a different currency. At the moment, some offshore banks are offering better saving rates on accounts held in US dollars. Some of the accounts, even include a bonus for the first year. It could be worth taking a look at them, and checking out if they have a tiered interest structure as well. In that case, the more money you save, the more interest you will receive on your money.

Investment schemes are worth taking into consideration as well. Of course, there are a whole host of investment schemes that you can contract on the Internet. But, it is your money, and I would be very cautious. It could be better to rely on that kind of advice that you can only get from a face to face meeting with a financial consultant. Remember that it is important to check that any investment you decide to invest your capital in, is fully regulated and that you are not going to risk too much of the capital.

Interest rates are likely to be down for some considerable time yet, and I am not sure that they are ever really going to recover. Should that be the case, it is better to play smart and find a new way of investing and saving your money.