Savings mistake could see you lose 25 percent of cash – warning issued to Britons | Personal Finance | Finance


The financial services company AJ Bell has called for the charge to be reduced back to 20 percent.

The firm state that doing this would mean that a person making an early withdrawal of £1,611 would pay £322.20 rather than £402.75.

The decision to take the charge back to 25 percent did face backlash at the time of the increase with a petition against the move gaining nearly 20,000 signatures.

Tom Selby, head of retirement policy at AJ Bell commented: “Rather than just aiming to return the upfront Government bonus, the Treasury chooses to use the early withdrawal charge to clobber hardworking savers, with the charge effectively acting as a 6.25 percent penalty on unauthorised withdrawals.



Read original article here

Denial of responsibility! Samachar Central is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment