Frequently asked questions

This depends on individual circumstances. First decide on the purpose – an emergency fund for unexpected repairs etc or to provide medium to long term funding. It is worthwhile considering when and how often you’ll need to withdraw money before you make any decisions. Be prepared to shop around to find the one that best suits your needs.

There are a number of options. • An Independent Financial Adviser, registered with the Financial Services Authority (FSA) • Financial organisations, such as banks and building societies, will be able to offer you financial advice – but it is worth remembering they want you to buy their products. • Advisory agencies, such as Citizens Advice Bureau and debt counselling agencies, offer advice on money matters. Their services are usually free but they concentrate on helping people with serious problems, such as debt, rather than giving more general money advice. • You can also conduct your own research via websites, newspapers, periodicals etc It is always worth seeking advice from more than one source to ensure that you receive different perspectives before you make any decisions on your financial future.

This is the rate at which the Bank of England charges for money loaned to the Money Markets. A decision on this rate is made by a committee generally on the first Thursday of each month. If the rate is altered in an attempt to control the overall economy, then lenders will normally follow its movement and alter their own Standard Variable Rate.

Yes, they can be attended at any point in your Service career, although priority is given to Service leavers with 9 months or less to discharge. Briefings are tailored, where numbers permit, to different rank groups, and partners are welcome to attend.

There are many organisations which will provide you with debt advice or act for you in negotiations with people you owe money to. For example, they can find the best way for you to deal with your debts and set up an arrangement with your creditors. Not all debt advice is free and some organisations may charge for their services. You should check if there are any fees, what they are for and how and when you might have to pay them. Organisations who currently offer free help and advice are: • Citizens Advice Bureau • National Debtline • Consumer Credit Counselling Service (CCCS) There are many other services available online. For more information please visit the Directgov website