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Expat Investor : August 2009
NEWS ROUND-UP Over 200,000 secret credit cards New research from Halifax Credit Cards shows we're not always entirely honest with our other halves on matters of finance. The Halifax findings revealed that we hide an estimated 217,000 credit cards from our partners. The research showed that the main reasons for having a secret credit card were: ? To buy ourselves items we didn't want our partners to know about ? To hide existing debt from our partners ? In case of emergencies Although the Halifax research showed that there are an estimated 217,000 secret cards in the UK, this represents just 1% of cardholders with a partner. The vast majority of us are open and honest with our partners about our finances. The biggest purchase made on secret credit cards was modest, with the largest item respondents admitted to buying still being less than £500. Items that secret cards were used for included electrical goods and a holiday. At a practical level, secret card debt may not be as harmless as it would first seem. When applying for products in joint names, couples may be asked to disclose any outstanding debts – possibly leading to difficult conversations which could otherwise have been avoided. Adrian Bryant, head of marketing for Halifax Credit Abbey’s multi-currency deposit account Cards, says, “Our research shows that the majority of couples are open and honest about their finances with only a small number admitting to a secret credit card. It’s important that people are honest about their finances with their partner as it may affect their ability to secure products in joint names.” point capital and interest can be paid to a designated account anywhere in the world. Expats need to be aware that the account cannot be closed within the first two years of its life. The Deferred Interest Deposit Account has a minimum opening balance of £50,000, €75,000 or US$100,000. Interest rates are variable, with Abbey International’s newly launched Deferred Interest Deposit Account allows expats to choose the date when your deposit interest is paid to you, as interest is only credited when the account is closed. This ability to determine when you receive income may also help your tax planning. Available in sterling, euros and US dollars, interest on your account accrues daily on cleared balances. If you wish to close the account and collect your capital and interest, 30 days notice is required to avoid any interest penalty notice at which We make SAVINGS simple for you £ 1 Year Fixed Rate Bond Also available * 3 &6 Months Fixed Rate Bonds * International 30 * Monthly interest option 3.30% Gross/AER 3.25% € Gross/AER Download an application form at www.irishpermanentintl.com +44(0)1624 641641 *Individual product terms and conditions apply. 3 month bond available in Sterling only. Interest rate is quoted gross p.a. without any deduction of tax. Rate applicable as at 24 June 2009 and is subject to change. AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. The minimum opening balance is £10,000/ €10,000 or US$10,000. Irish Permanent International is a registered business name of Irish Permanent (IOM) Limited. Licensed by the Isle of Man Financial Supervision Commission to take deposits. Registered Office: 12/14 Ridgeway Street, Douglas, Isle of Man IM1 1EN. Registered No 60124. Irish Permanent International is a subsidiary of Irish Life and Permanent plc Group which is regulated by the Financial Regulator in Ireland. Irish Permanent International places funds with other parts of its Group and thus its financial standing is linked to that of the Group. Depositors may wish to form their own view on the financial standing of Irish Permanent International and the Group based on publicly available information. The latest report and accounts are available at www.irishpermanentintl.com and from our registered office. sterling deposits currently attracting 0.30% gross/AER, euros earning 1.05% gross/AER and US dollars accounts receiving 0.05% gross/AER. Jane Matthews, Head of Client Experience at Abbey International comments: “For the international client with sophisticated financial arrangements, choosing the date when they can take potentially taxable interest income can offer significant advantages. This new account may give the flexibility needed to maximise this kind of effective highly personal tax planning.” 2.75% $ Gross/AER for a personal service Part of the Irish Life and Permanent plc Group July/August 2009 ? EXPAT INVESTOR 11
May June 2009
September October 2009