A Victim Of Poor Isa Rates? Make Your Money Do More With Forex Trading
With the Bank of England keeping the base rate at 0.5 percent for 12 months (the
Chancellor of the Exchequer, Alistair Darling, first reduced the rate to 0.5 percent on 5 March 2009), there is no doubt that it is having a positive effect on the economy in many different ways. However, positivity is not ruling across the board and in some respects the low base rate is proving to be an unhelpful factor for many.
For example, not only do rates such as those related to mortgages and standard loans decrease because of the 0.5 percent base rate figure, but all savings accounts, such as ISAs, are affected, too.
Before the global recession hit, anyone taking out an Individual Savings Account could expect to receive a rate of over 5.5 percent on their savings. Today, however, the maximum you should expect to receive is 4 percent and that is on the assumption that you want to be tied to that account for at least three years; the rate drops to under 3 percent if you do not want to be tied in.
Fortunately, there are other ways to make your money do more and just because you want to increase your savings does not mean that you have to put it into an account with a bank and watch as it increases ever so slightly year on year.
Forex trading, for example, is a prime example of a fantastic way to increase your savings. By no means as safe as simply placing your money in an ISA, as with any type of trading there are risks involved but if you are tired of ISAs, then trading on the foreign exchange market could be the way to go for you.
The most important point to remember about Forex trading is that although you cannot guarantee you will make a profit, you can become experienced enough to understand how to minimize your losses, something which you would learn if you were to attend a Forex trading course. Available both online and offline, a Forex trading course, mixed with your own research and learning, can put you in great stead for beginning to increase your savings through trading foreign currency.
Of course, if you take a look at Forex trading and really think that it is too risky of an industry for you, then there are other options available. Trading on the stock market, for example, is another popular option that can be utilized out by anyone after a sufficient amount of research and training has been carried, the amount of which depends on how much experience you have in the past.
Similarly, you could invest your money in a business of some sort, whether your own or acting as financial partner to someone else. This, however, should only be considered as a last option as it is particularly risky, making Forex trading look like an almost risk free process in comparison.
Remember, just because ISA rates are low at the minute does not mean that they are your only option to increase your savings. Sure, forex trading may be the more risky choice, but you can expect fantastic returns if you take the time to familiarize yourself with the foreign exchange market and create a strategy that you stick to all throughout your trading.
by: Sally Johnston
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