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Does this apply to existing savings accounts too?
Another way to reduce debt is to dip into existing savings.
The move doesn't affect existing savings bonds; you can still redeem paper bonds at a bank.
Shop around for alternative banks or building societies and contact your existing savings institution to transfer whatever you need.
"Since the savings statistics are not capturing the wealth run-up in existing savings, it makes things look worse than they are".
The Ministry of Justice settlement will see a further £80m a year taken out of prison running costs on top of existing savings of £300m a year.
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Since Congress approved the first I.R.A.'s in 1974, economists have tried to measure whether people use such programs to save more or just transfer money from existing saving accounts that lack a tax advantage.
Studies suggest tax-favoured retirement accounts essentially divert existing saving or encourage only modest new saving.By giving a break on progressive income taxes, these accounts give a fatter subsidy to richer people who are more likely to save anyway.
Unlike savings incentives for working families, incentives for upper-income families cause a shift of existing savings--not an actual increase in new private savings.
Users can invest savings from any other accounts, including existing Individual Savings Accounts, special UK accounts tied to banks and aimed at investment and savings and not subject to the same taxes as other investment accounts.
Existing ISA savings If you'd saved the maximum since ISAs were launched in 1999 you could have around £50,000 by now.
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