96% of Spanish savings accounts pay 0.5% interest or less

However, the price of our weekly shop is going up by 2.3% per annum in Spain. It is a concern as the value of our money is going backwards. In fact, it makes us worry “what shall we do with the money in the bank”.

As a seasoned adviser and an expat myself for 12 years, I understand that people can be concerned about moving from a bank account to an alternative where the value fluctuates. Your personal situation and outlook on life should be taken into account before looking at alternatives to a very low interest rate bank account. This can then help you decide whether you should look at a bank account, an investment such as funds or indeed a smoothed investment. We will always need to keep some money in the bank for emergencies. For the rest of the money in the bank, the time has come to look at alternatives.

It is useful to have an independent financial adviser (IFA) listen to your requirements and then help you decide what to do with your money. An IFA can help you in lots of ways, including building a model of what your future looks like and practical things such as mortgages, currency exchange, tax efficient savings and Inheritance Tax planning.

When my back started hurting I had no idea what was wrong. My Chiropractor knew as this was his expertise. My expertise is financial planning for the international community in the Barcelona and Costa Brava areas. If you would like to find out more, please contact me, Barry Davys, at The Spectrum IFA Group by telephone on +34 645 257 525 or email barry.davys@spectrum-ifa.com. .

Sources:
Thebanks.eu as at 8th September 2018
Spanish Inflation, National Statistics Institute, Madrid July 2018