Latest news with #Medlicott
Business Mayor
28-04-2025
- Business
- Business Mayor
Cash ISA update as savers are told to take urgent action
Cash ISA savers have been urged to take one action as an important deadline approaches. Those who have a Cash ISA are being urged by money experts to act before May 1 in order not to miss out when new changes come into effect. The Bank of England is anticipated to cut rates at the next Monetary Policy Committee meeting, which takes place on May 8, which is expected to trigger a fall in Cash ISA interest rates. Now, savers are being urged to lock away their money as soon as possible to accounts with higher interest rates to make sure they are getting the most out of their money. Founder and managing director at financial education specialists Investing Insiders has urged people to place their money into a fixed Cash ISA, which are protected against base rate reductions. Savers who tranfer their money to these accounts now will ensure that they enjoy the current interest rates for a year. Medlicott said: 'With Cash ISAs currently offering up to nearly five per cent in interest on deposits and some offering even more with introductory rates, savers can gain peace of mind over the returns they will receive and some great rates. 'However, most of the top-paying accounts offer 'variable' rates, meaning they can go up and down as the Bank of England rate fluctuates. You will generally get easier access to the cash held in these accounts.' She added: 'Fixed rate savings accounts typically require you to lock your money away for a set period of time, but offer certainty over interest rates, no matter what the Bank of England does.' Reports of Government plans to reduce the Cash ISA limit have been shared by money expert Martin Lewis, placing more urgency on savers to secure their benefits ASAP. Chancellor of the Exchequer Rachel Reeves is rumoured to be considering cutting the current ISA limit of £20,000 to as low as £4,000. Lewis said: 'Rachel Reeves, has been evaluating cutting the cash ISA allowance. That's not a rumour. I know it for fact. And it's being talked about in political and policy circles. What we don't know is if anything has been decided and if it has, what has been decided. 'So, as a very basic concept, a cash ISA is just a savings account where the interest is never taxed and you can put in up to £20,000 per tax year – and we've just had the start of a new tax year on 6 April. Once the money is in a cash ISA, it stays tax-free year after year. 'Now, the rumour is, what's being considered, is cutting the cash ISA limit from the current £20,000 down to as low as just £4,000. And most people think if there is to be an announcement on it, it would be in the Autumn Budget coming later this year – though nothing is certain.' READ SOURCE
Business Mayor
26-04-2025
- Business
- Business Mayor
Cash ISA expert explains 'five-year' rule all savers should know
Brits are being urged to consider alternatives to cash ISAs by one expert who said a simple 'five-year' rule could help their money earn a better interest rate. Many providers are urging savers to lock in their money to take advantage of cash ISA rates before they reduce and before expected reforms are made by the Chancellor Rachel Reeves. Antonia Medlicott, founder and managing director at financial education specialists, Investing Insiders said savers should consider using their £20,000 allowance to invest in a stocks and shares ISAs as these types of ISA tend to peform much better over the long term. Medlicott said: 'Only 21% of the adult population use investment ISAs compared to 40% who use a cash ISA. Many people avoid investing because they simply don't feel they have the knowledge and education to approach it.' She explained that investing is better suited to those who can put their funds away for at least five years, and who can afford to look more long-term. She added: 'Historically, those who have put their faith in the markets have enjoyed far greater returns than those who used savings accounts instead.' Baroness Helena Morrissey, a Conservative peer, who at one point was in charge of over £840bn of people's savings while head of personal investing at Legal & General, said savers in cash ISAS had missed out on over £6.6bn by putting their money in safer, but less profitable cash ISA accounts. Medlicott said savers who did not want to invest their cash and were happy with a cash ISA needed to act quickly. She said: 'With cash ISAs currently offering up to nearly 5% in interest on deposits and some offering even more with introductory rates, savers can gain peace of mind over the returns they will receive and some great rates.' 'However, most of the top-paying accounts offer 'variable' rates, meaning they can go up and down as the Bank of England rate fluctuates. You will generally get easier access to the cash held in these accounts.' The Bank of England is expected to cut rates in May, so savers should look at fixed rate accounts and long-term ISAs to secure a higher rate before it is too late. 'Fixed rate savings accounts typically require you to lock your money away for a set period of time, but offer certainty over interest rates, no matter what the Bank of England does.' She added: 'If you have spare cash sitting in a low-interest account, moving it into an ISA protects it from tax on interest, dividends, and capital gains.' ISA savings are: Free of capital gains tax (CGT) – CGT is tax you pay when you sell an investment, such as a property or shares. Free of bond interest. Not all stocks and shares Isa invest in bonds but if they do you will not pay any tax. No tax on dividends. Any dividend payments you get on shares invested within an Isa are not taxed, as with CGT there is an allowance which is currently £500. Each person can save up to £20,000 a year into an Isa, a Junior Isa – the version of an Isa for under 18s comes with a different allowance. You can save £9,000 into a JISA and this amount is not included in the adult £20,000 allowance. The tax year runs from the 6th of April to the 5 April each year. When the new tax year starts, your ISA allowance resets, this means you can't roll over any unused allowance to the next tax year. What is a stocks and shares ISA A stocks and shares ISA, also called an investment Isa, allows you to invest in the stock market tax free. When you open this type of Isa the provider will buy and sell stock market assets on your behalf. Most stocks and shares Isas will invest in baskets of shares, known as funds. If the Isa invests in open ended investment funds, it means you are buying into units rather than shares; the shares are split into units. You can use your Isa allowance to buy shares in investment companies, these are companies directly listed on the stock market that invest in other companies, so you still get the benefit of diversifying your portfolio. Two of the best known investment trusts are the Scottish Mortgage Trust run by Baillie Gifford and the JPMorgan Global Growth & Income. Some Isa providers offer exchange-traded funds, or ETFs, which can invest in different asset classes, regions, and markets, and have a similar structure to open-ended investment funds but have a larger spread of investments. You can also use your Isa allowance to invest in individual shares, this is an option for more sophisticated investors who are familiar with the ups and downs of the world's stock markets. Be aware that the orginial amount of money you save may be at risk if you invest it so always take advice or do your homework first. READ SOURCE
CBS News
19-02-2025
- CBS News
1 year later, Burnsville sergeant remembers fellow officers killed by gunman
BURNSVILLE, Minn. — Sgt. Adam Medlicott didn't just work with the two Burnsville police officers who were shot and killed last year; he trained them and he mentored them. "They were the officers you wanted on your street, coming to your house, and helping you," Medlicott told WCCO. "We don't talk about how their lives were taken from us. We talk about what they gave to our lives." According to investigators, Shannon Gooden fatally shot police officers Matthew Ruge and Paul Elmstrand, as well as firefighter and paramedic Adam Finseth, during a standoff on Feb. 18, 2024. "When you think about Paul (Elmstrand), all you think is laughter," Medlicott recalled. "He was smart, he was funny, he was very personable. Everybody loved him and loved to hear his stories, especially about growing up on the farm with his dad. It got the whole room rolling with laughter." The 27-year-old Elmstrand, he added, was on track for a big promotion. "Through and through Paul would've made a great sergeant," Medlicott said. Ruge, also 27, was a crisis negotiator; Medlicott said his efforts held off the gunman for more than three hours. "He was absolutely a hero of this story with his ability to at least keep the suspect talking, talking with us and not engaging in any sort of violence so we can get resources put into place," Medlicott said. Medlicott's return to active duty The Minnesota Bureau of Criminal Apprehension is still working on its official incident report, but preliminary investigation found the shooter fired off more than 100 rounds, and there were as many as 14 officers within his range. "There were so many people that, you don't understand why a bullet finds one person and not another," Medlicott lamented. "There were so many people that escaped being hit but were shot at. This man tried to murder more people." Medlicott was shot twice: once in the arm and once in the back, but that hit his vest. He was out for three months before returning to active duty. "I wasn't going to allow one evil person to dictate what I do with my life," he said. "This is something I want to do. This is a job I want to do." How he recuperated, moreover, is emblematic of the Burnsville Police Department's overall recovery as a working police force. Deputy Chief Matt Smith told WCCO that Medlicott has helped remove the stigma surrounding mental health and wellness. "I'm really proud that around here we've gotten rid of that stigma to the point that you have people like Sgt. Medlicott, and many, many others, who talk about using the resources and going to therapy and getting help," Smith said. The deputy chief added that every officer who responded to the standoff is now back on full-time active duty, and the next major milestone for everyone is to travel to Washington, D.C. in the spring to place Elmstrand and Ruge's names on the National Law Enforcement Officers Memorial. "That's our national memorial. That is for the nation," Medlicott said. "When you go to that memorial, it's somber, but you also look at these names and you see men and women who were doing the right things and courageous and honorable acts."
