Listen to Episode 478
In this week's episode, I discuss the changing savings market, highlighting the rise of cash savings platforms and investment platforms that now pay market-leading interest rates on cash holdings. Next, I talk about the recent rally in the Chinese stock market and explain alternative ways to gain exposure. Finally, I explain the new rules around authorised push payment fraud (APP) and whether consumers are better protected.
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Podcast summary
Savings platforms and Investment platforms offering competitive rates of interest
Summary:
Some easy access savings accounts are now offering better interest rates than longer-term fixed-rate bonds, as the expectation is for interest rates to fall in the coming months. There has been a rise in the popularity of cash savings platforms, which enable users to access and manage a variety of savings products from different providers through a single login, making it easier for people to optimize their savings rates. Many investment platforms are now paying interest on cash holdings with AJ Bell Dodl paying 5.09% AER variable on cash held in its investment ISA products.
Investing in China
Summary:
There has been a recent rally in the Chinese stock market, following a wave of stimulus measures announced by the Chinese central bank. The Chinese stock market has seen a rapid rally, erasing its losses for the year, as investors look to gain exposure to the potential benefits of the government's stimulus efforts. There are alternative ways for investors to gain diversified exposure to this trend, such as through Asian equity funds or European equity funds with holdings in companies that could benefit from increased Chinese consumer spending.
Authorised push payment (APP) fraud explained
Summary:
New rules around authorised push payment (APP) fraud protection are in place from 7th October 2024. Banks and building societies are now required to follow a more standardized process for reimbursing victims of APP fraud, with most consumers set to receive their money back within 5 working days. However, the new rules include a cap on the maximum automatic reimbursement (£85,000, down from £415,000) and the potential for a bank fraud excess fee (up to £100), which could impact some victims. Overall, the changes aim to provide a more consistent and quicker process for those affected by APP fraud.
Episode quiz
Questions:
- Which of the following are key benefits of using a cash savings platform?
a) Ability to open multiple accounts from one login
b) Alerts when new products and rates become available
c) Ease of managing and moving money between accounts
d) All of the above - Which of the following was not one of the stimulus measures announced by the People's Bank of China
a) Interest rate cuts
b) Reduction in business taxes
c) Lowering of bank reserve requirements
d) Mortgage relief - How much has the Chinese stock market rallied in total since 23rd September?
a) 14%
b) 24%
c) 26%
d) 28% - New rules mean that victims of APP fraud should receive reimbursement within how many working days?
a) 5
b) 10
c) 14
d) 30 - What is the new cap for automatic reimbursement for victims of APP fraud?
a) £50,000
b) £75,000
c) £85,000
d) £125,000
Answers:
- d) All of the above
- b) Reduction in business taxes
- b) 24%
- a) 5
- c) £85,000
Resources
Links referred to in the podcast:
- Best savings accounts in the UK
- Best cash and online savings platform
- Investment platforms paying the highest interest on cash
- AJ Bell Dodl paying 5.09% interest on uninvested cash
- MTTM Deals Page
- Sign up to the Money to the Masses Newsletter
