On this week's podcast Damien explains how the rise of short-term 'bonus' rates are creating a price war amongst providers. He reveals how these types of rates can leave you worse off as a saver before explaining how you can calculate the effective annual rate to see what you’re really earning. Next, Damien looks at whether the classic 4% retirement rule is still fit for purpose. With potential inheritance tax changes on the horizon, new research suggests a much higher withdrawal rate for those who want to spend their pension pot in their lifetime.

Check out this week's ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠podcast article⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ on the Money to the Masses website to see the full list of resources from this week's show

(00:00) - MTTM Podcast Episode 517

(04:10) - Understanding Regular Savings Accounts

(06:24) - The Impact of Bonus Rates on Savings

(07:36) - Calculating Effective Interest Rates

(08:39) - Challenges with Short-Term Bonus Rates

(10:54) - Access Restrictions in Savings Accounts

(13:49) - The Impact of Low Rates on Savings

(14:30) - Understanding the 4% Rule and Its Origins

(16:32) - Potential Changes in Pension Taxation and Their Implications

(17:59) - The Spend It All Approach to Pension Withdrawals

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