The new National Savings & Investment (NS&I) Green Savings Bond interest rate has been revealed – and it’s a very disappointing 0.65% rate for the three-year fix.
A lot of people, myself included, are keen to put their money in an ethical savings account where there is a competitive return. And that’s not it.
Which is a shame, because these bonds help finance public spending on green projects, including zero-emission buses, wind and hydrogen research, carbon capture and storage, decarbonization of public buildings, plantation and conservation of forests and flood defenses.
So why is this important? When you keep money in a bank, the bank can use those funds to lend or invest elsewhere. They will try to profit from it, part of which will be paid to you in the form of interest.
However, many people will not know that these loans and investments could be for businesses that go against your principles.
Are you cutting back on meat to fight the climate crisis? Your savings could finance new pipelines. Do you boycott certain companies?
Your money could support these same people. Your money could even fund gunmakers and shady regimes.
A tradeoff for choosing an ethical savings account is probably lower returns, but with generally low rates overall, your losses won’t be too painful.
In summary, construction companies can be relied on, while Sharia-compliant accounts will avoid tobacco, guns, and pornography, but not necessarily oil.
The most profitable ethical savings accounts
Account: Easy access saver
Interest rate: 0.55% TEA
Bank: Green construction company
Account: Regular Saver (save up to £ 225 per month)
Interest rate: 0.8% TEA
Bank: Al-Rayan Bank
Account: One-year fixed Sharia account
Interest rate: Expected return of 1.45% AER
For more details on these and other savings accounts, visit becleverwithyourcash.com/savings
Could 5G reduce your broadband bill?
When my friends Michelle and Charlie moved last month, they were faced with the prospect of not having broadband for a few weeks – a nightmare at the best of times, but in the age of working from home it would be. a desaster.
So they temporarily increased their mobile SIM cards to unlimited data and took advantage of 5G coverage in their region. It worked a treat. They had very high speeds and since their phone was near their computer it avoided the frustration of wifi not reaching all areas of the house.
This could be a game-changer in terms of invoices. To give you an idea of the savings, it is now possible to obtain an unlimited 5G data SIM with Three via Quidco. For the first year, it will only cost £ 11.59 per month after repayment.
With BT Fiber broadband costing between £ 24.99 and £ 34.99 per month, you can see how this switch can be worth hundreds of dollars. Of course, this is not a perfect alternative. We all know that our telephone signals can be as unreliable as our broadband. But at least having both gives us a solution in case of failure.
Also, the idea of just adding data to your existing plan sounds great, but if you leave the house, that means everyone would need their own unlimited 5G SIM card to access the internet, which would lead to bills. higher.
Michelle also told me that the constant use of 5G makes her phone very hot – maybe not the best idea.
A workaround would be to purchase a dedicated 5G router and its own SIM card, although the cost of this may actually be more than your normal broadband.
So maybe it isn’t for most of us right now. However, as 5G coverage expands, it’s worth considering.
Who to follow: Cordbusters.co.uk
While we’re on the subject of reducing bills, you don’t have to stop with your broadband provider. Where Goren runs the Cordbusters.fr blog, sharing how to avoid paying too much for TV subscriptions.
The best golden advice
“It’s time to ditch the expensive 18-month contracts to watch TV. Streaming services like Netflix are cheaper and more flexible, and even Sky’s Glass TV now has an ongoing monthly contract.
Andy Webb is an award-winning Be Clever With Your Cash blogger and podcaster. Follow him on Twitter and Instagram.
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