Reduced salmon numbers forcing fishermen on savings

Ensure you have your funds when you need them for the coming year.

09:16 02 May 2013

Fishermen may be dipping into their savings accounts more this year than in previous years.  A substantial decrease in the number of salmon will result in difficulties for fishermen, and also foretells of even leaner years in the future since fewer fish will return to spawn in the following years. Since some of these fishermen may use this as a primary source of income, this might be a very difficult financial year.

 

Here’s what to know about savings accounts to help get you through this year:

 

• Plan withdrawals—to ensure that you will have access to your funds when you need them, check with the financial institutions that hold your savings accounts to find out if there are special requirements to obtain funds. Leave enough time for processing as well.

 

• Maximize interest rates—if you’re able to change savings accounts without penalty, consider shopping around to obtain the best interest rates. It’s important to make the funds last as long as possible and make as much as possible off the initial investment amount.

 

• Individual Savings Accounts—if you have Cash ISAs or Stocks and Shares ISAs, you may not be able to acquire these funds, or there may be penalties to pay for removing the funds.  Consider alternatives first.

 

Since next year may be even more difficult for fishermen, it would be advisable to set aside as much as possible in savings accounts of various kinds to ensure that you’ll be well prepared for further difficulties with the salmon population in years to come.

 

It’s important to compare interest rates when setting up accounts to get the highest rate of return and if possible deposit up to the annual cap in your Individual Savings Accounts. Combining a few different savings accounts can be a beneficial way to make use of as many returns on your investment as possible.