August 24, 2021

In a globalised world, how can you protect yourself from the risks of financial markets?

There are a number of ways you can protect yourself, and a number more that you can’t.

Here’s what you need to know to get started.

1.

Make sure your savings account is safe by keeping your money in a foreign bank account 1.

Keep your money at home or in a safe deposit box 2.

Don’t open your savings accounts for more than three years (this will also help with the tax implications) 3.

Don’ t open your accounts until you have a ‘safe’ place to put your savings (your bank account) and a plan for when you open them again (an abacus financial manager) 4.

If you have an account in a local bank, keep the money there in the same account as your savings.

If your bank has a foreign branch, you should have a local account as well.

5.

Don”t open a new account without first checking whether it has a ‘safety valve’ (like a foreign account).

6.

If a new branch opens in your area, get a local copy of the abacus bank account application and check the ‘safe deposit box’ for ‘safe account’ before opening the account.

7.

Don t open any accounts in your local area that don”t have a safe place to deposit your savings or a safe withdrawal limit.

If these are not there, you could be at risk of losing your money if the account falls into default.

8.

Don ”t open any account with an interest rate that is higher than your annual income.

9.

If the account is linked to a local firm, get the account licence in your state or territory.

This will help protect your account.

10.

Check with your local branch if you have any questions about your bank account, or if you feel that you need more information.

1 / 2 The BBC’s Nicky Payne explains how to keep your savings safe, and the rules around opening a foreign financial account in the UK. 2 / 2 3 / 2 4 / 2 5 / 2 6 / 2 7 / 2 8 / 2 9 / 2 10 / 2 11 / 2 12 / 2 13 / 2 14 / 2 15 / 2 16 / 2 17 / 2 18 / 2 19 / 2 20 / 2 21 / 2 22 / 2 23 / 2 24 / 2 25 / 2 26 / 2 27 / 2 28 / 2 29 / 2 30 / 2 31 / 2 32 / 2 33 / 2 34 / 2 35 / 2 36 / 2 37 / 2 38 / 2 39 / 2 40 / 2 41 / 2 42 / 2 43 / 2 44 / 2 45 / 2 46 / 2 47 / 2 48 / 2 49 / 2 50 / 2 51 / 2 52 / 2 53 / 2 54 / 2 55 / 2 56 / 2 57 / 2 58 / 2 59 / 2 60 / 2 61 / 2 62 / 2 63 / 2 64 / 2 65 / 2 66 / 2 67 / 2 68 / 2 69 / 2 70 / 2 71 / 2 72 / 2 73 / 2 74 / 2 75 / 2 76 / 2 77 / 2 78 / 2 79 / 2 80 / 2 81 / 2 82 / 2 83 / 2 84 / 2 85 / 2 86 / 2 87 / 2 88 / 2 89 / 2 90 / 2 91 / 2 92 / 2 93 / 2 94 / 2 95 / 2 96 / 2 97 / 2 98 / 2 99 / 2 100 / 2