Savings are essential for your financial security, and cash is a low-risk way to save. The problem is that between low interest rates and inflation, you might end up with less buying power than you started off with. Let’s take a look at why.

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What is inflation?

Inflation is the rise in prices over time. There are many reasons for inflation, and a little bit of inflation is a sign of a healthy economy. The problem is that, over time, cash loses its buying power. If inflation is 2%, then a basket of food that cost £100 last year will cost £102 this year. In 10 years, it’ll cost about £122.

What does inflation have to do with interest rates?

Think about that £100. If instead of spending it, you put that £100 under your bed, it will actually be worth less in 10 years than it is today. But as responsible, financially literate people, we don’t keep our money under the bed – we put it in savings accounts and earn interest. The thing is, just for your money to hold its value, the interest rate needs to equal the inflation rate.

If both the interest rate and the inflation rate are 2%, then in ten years your £100 will be about £122. You’ll still be able to buy the same basket of food – you won’t have lost anything, but you won’t have gained anything either. But if the interest rate is lower than the inflation rate, your money will still lose its buying power.

What’s happening now with inflation and interest rates?

Jack Turner, senior investment manager at 7IM, explains, “As the world begins to reopen and investment and consumer spending rebounds we’re likely to see an uptick in inflation in the future. If you hold too much of your financial reserves in cash, you only allow inflation to eat away at its spending power. Extremely low interest and faster than expected rises in inflation put these savings in even more danger of losing value.”

If the interest rate on your savings is 1.5% – which is quite a good interest rate right now – then with 2% inflation, you’re losing 0.5%. If like many people, your interest rate is only 0.5% or 0.6%, then you’re losing up to 1.5% a year!

[middle_pitch]

So what else can you do with your money?

Jack Turner suggests that “Investors should look to fully diversified multi-asset portfolios as an option for protecting the purchasing power of savings in the long term. Bonds no longer provide the same protection as they once did, but using a mix of inflation-beating alternatives and equities in a portfolio can give savers the security they need.”

As the world reopens, inflation is likely to rise – that’s a sign of a healthy economy. If you invest in the recovery rather than relying on low interest rates on savings, you could benefit from positive returns.

Takeaway

Of course, with any investment past performance is not an indication of future results, so invest carefully. However, don’t weigh the investment risk against the risk of any loss at all, weigh it against the loss you’ll suffer as a result of inflation.

If you’re ready to get started with investing, take a look at our beginners’ guide to investing, or the best share dealing accounts for beginners.

The post Why low interest rates puts savings in cash at risk appeared first on The Motley Fool UK.

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Driving is convenient, but it can also be dangerous, both physically and financially. Your car insurance should cover you for plenty of things, as long as you abide by the law. Break the law, and you’re generally on your own: ignorance is no excuse. To save you a potential crash (at worst) or a £1,000 fine and three points on your licence (at best), here’s how to stay safe while driving in bright sunlight.

Why is driving in bright sunlight dangerous?

Sunny days offer a great chance to head out and visit the UK’s outdoor tourist spots. However, Andy Alderson, CEO and Founder of Vanarama, warns: “If drivers are not prepared for driving in bright sunlight, they could put themselves and other road users in danger.”

Bright sunlight can cause a strong glare across your car’s windscreen, which can distort your view of the road.

What was that about a £1,000 fine?

Under UK law, failure to have proper control of your vehicle or a full view of the road and traffic ahead could leave you with a £1,000 fine and three points on your licence. Being dazzled by bright sunshine is no excuse but, with proper precautions, you can stay safe even on sunny days.

5 tips for driving in bright sunlight

Alderson explains the basics of staying safe: “To prevent being dazzled by the sun when driving, motorists should check their windscreen is clean before setting off, wear polarised sunglasses and keep a safe distance from other drivers when the sun is distorting their view.”

But that’s not all you can do. Here are five additional tips.

1. Keep your windscreen wash topped-up

It’s all very well to leave home with a clean windscreen, but it won’t stay that way for long. If your windscreen wash is full, you can clean off any mess en route.

2. Use your sun visor

This might seem obvious, but your sun visor isn’t only there to use as a mirror. It will also help to reduce the glare or help your eyes adjust when driving in the shade after driving in bright sunlight. Most visors will pivot to block the sun from the side as well as the front, so experiment to see what yours can do.

3. Wear polarised sunglasses

Alderson already mentioned this, but it’s worth explaining. Normal sunglasses block out a lot of light, but polarised sunglasses only block out the horizontally polarised light. This means that you can see more clearly than through normal sunglasses, but without the glare. Seeing clearly on the road makes driving so much safer!

4. Take a break

Everything is harder when you’re hungry, thirsty and tired. When you plan a long drive in the sun, make sure you plan regular stops as well. Get out, stretch your legs, have a drink and give your eyes a break from the bright sunlight. It’ll help you focus on the road when you get back to driving.

5. Get your car windows tinted

Getting your windows tinted costs about £350. As well as helping when you’re driving in bright sunlight, tinted windows also combat the glare from low sun in winter, and help to keep your car cooler in hot weather.

Takeaway

Bright sunlight means many things to many people – a summer holiday, sunbathing or camping are just a few. Make sure that, for you, a sunny day doesn’t mean a big fine or a car crash. And regardless of whether or not it’s sunny, don’t forget your car insurance. It will never cover everything, but it certainly helps.

The post 5 safety tips for driving in bright sunlight to avoid a £1k fine appeared first on The Motley Fool UK.

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In the modern world, savings serve as an essential buffer against the unexpected and help us to prepare for the future. Banking accounts are the most common way to save, with 97% of the UK population using at least one account.

But banking accounts are changing, and today’s offerings would have been the stuff of science fiction only twenty years ago. Let’s take a look at recent changes in banking, and what banking accounts will look like in the future.

[top_pitch]

Banking account history

While some form of banking has been around since about 4,000 BCE, banking as we know it emerged in the late 16th century. These early banks took deposits, lent and exchanged money, and issued secured bank debt.

After World War II, technology progressed, bringing automated teller machines in the 1960s, telephone banking in the 1980s, and online banking in 1999. With the rise of internet-enabled smartphones after 2007, mobile banking was inevitable; as Artificial Intelligence (AI) and chatbots developed, conversational banking was next.

The Covid-19 pandemic pushed banking online, along with almost everything else. Slow adopters were forced to innovate or lose customers. And innovate they did.

Today’s digital banking accounts

Like it or not, we’re in an online world. The graduates of 2021 have never known a world without the internet, and those of 2031 will never have known a world without smartphones. For those accustomed to the instant gratification of the online world, traditional banking feels slow and clunky.

According to Juniper Research, more than half the world’s population – 4.2 billion users – will access digital banking services in 2026. Already in 2021, 2.5 billion use digital banking. But what’s the advantage of digital banking?

Compared to traditional banks, digital-only banks have lower overheads so they can offer the same services at a lower cost, with lower fees, higher interest rates, and (being online) a more responsive customer experience.

In a recent survey quoted by Juniper Research, 50% of UK customers felt that traditional banks’ online systems only serve the banks. In contrast, they felt that digital-only banks serve the customer.

[middle_pitch]

Tomorrow’s banking accounts

Open banking

Even an otherwise great bank can offer a terrible online banking service. Open banking, a recent development, lets you share your banking information securely. Companies can use this information to offer personalised services such as budgeting or investment advice, or a centralised money-management dashboard. As secure data sharing and AI expand, we’ll see more imaginative personalised offerings like Credit Kudos.

Credit Kudos’ AI monitors borrowers’ behaviour through open banking. When it sees sustained healthy financial behaviour, it automatically lowers the interest rate. This is a win-win: responsible borrowers pay less, bias is reduced, and the lender has a clearer insight into its true risk exposure.

Conversational banking

Banking hasn’t escaped the rise of the bots. At some forward-thinking banks, bots already answer simple questions like balance enquiries and account details, saving customers time and reducing friction. As AI progresses, this so-called ‘conversational banking’ will only expand.

Juniper Researcher Damla Sat observed that certain banks “have progressed with well-planned and executed digital transformation strategies, and other banks need to build similarly broad and revolutionary roadmaps, or they will be left behind by more agile competitors.”

Banking as a service

Imagine starting your own internet service provider (ISP). If you had to lay your own cable from scratch, then it would be almost impossible to compete with the big companies, but because new ISPs can pay to use existing infrastructure, we have competition, and consumers benefit.

Banking as a service (BaaS), the most important banking development you’ve never heard of, does the same thing for banks. The BaaS provider provides the invisible ‘nuts and bolts’ that make a bank work behind the scenes, while another company provides the platform or interface that customers interact with. This means that you can interact with the nimble startups who are actually good at customer service and user-interface design.

Takeaway

The basic functions of banking accounts haven’t changed since the 16th century, but technology has, and banking has grown along with it. Fifteen years ago, contactless cards were the new thing on the block. Today, it’s digital banks and BaaS. What will it be in twenty years? Only time will tell.

One thing we can be sure of is that banking accounts aren’t going to disappear. If you’re not ready to commit to a digital bank account just yet, then check out our best savings accounts and make sure you put something away for the future.

The post What will banking accounts look like in the future? appeared first on The Motley Fool UK.

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In a post-Brexit world, you can still travel with a British passport. You can even live and work overseas. However, the rules have changed. Many countries, including the UK, have strict requirements for residency or work visas.

If you still dream of living overseas after Brexit, we’ll take a look at the rules, where you can live easily and what you need to think about.

Often, living isn’t the problem. If you stay somewhere you aren’t allowed to work, study, or receive social security and healthcare, in time life could become difficult. Of course, if you’re a digital nomad or remote worker who can work online, that’s less of a problem.

Do you need a visa to travel after Brexit?

Most countries will allow you to visit, live, study or work there as long as you have the right visa. A visa offers official permission for a foreigner to enter and stay in the country, subject to the visa conditions. If you want to live, work or study there, you need a specific visa that will allow that. If you try to work on a tourist or student visa, you could be fined, jailed or deported.

Before Brexit, British passport holders didn’t need a visa to live, work or study in Europe. Now, you can spend up to 90 days in every 180 days in Europe, but you need a visa to live, work, study or volunteer.

Where can you live visa-free after Brexit?

Before Brexit, British citizens could live and work anywhere in the European Union. Following Brexit, that’s no longer the case. But there are still a few places you can live and work freely.

The Common Travel Area

The Common Travel Area was introduced in the 1920s. It’s an agreement between the UK, Jersey, Guernsey, the Isle of Man and Ireland that allows British and Irish citizens to live and move freely. There are a few extra rules for Jersey and Guernsey, but most people with a British passport can live, work, study, vote and access health care and social security anywhere in the Common Travel Area without a visa.

The Isle of Man and Alderney

The Isle of Man and Alderney are part of the UK. You can live and study there, but you need a work permit if you want to work.

Gibraltar

If you have a valid British passport, you don’t need a visa to live or work in Gibraltar.

Belize

If you have at least six months left on your British passport, you can stay in Belize without a visa. You’ll need to pay a monthly fee for your first year. However, after that, you can apply for residency.

Where can you live for six months after Brexit?

There are several countries where you can live for six months without a visa, although a few have other requirements like being able to support yourself financially while you’re there. Six months is long enough to decide whether you want to go through the process of applying for residency. Don’t forget: you’re not allowed to work there without a work visa! The list includes:

• Armenia
• Canada (ETA)
• Dominica
• Georgia (one year)
• Hong Kong
• India (ETA/eVisa)
• Mexico
• Montserrat
• New Zealand (ETA)
• Panama
• St Helena (entry permit on arrival)

The countries marked ‘ETA’ require an electronic travel authorisation, which you can get by filling in an online form or, in some cases, paying a fee.

If you want to work overseas rather than just live, consider Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Montserrat, Turks and Caicos. British passport holders can both live and work in these countries for six months.

What about digital nomads?

A growing number of countries are offering special six-month or one-year visas for digital nomads. They’re easier to get than full working visas, and they allow you to live there and work remotely. Many require a minimum income; however, if you meet the requirements and like to work in exotic places, it might work out.

Traveling Lifestyle maintains an up-to-date list of countries offering digital nomad visas. If this lifestyle appeals to you, it’s worth considering.

Don’t forget…

Brexit isn’t the only travel restriction right now. A lot of countries have Covid-related travel restrictions right now, and things can change at short notice. Even if you’re technically allowed to enter a country, that doesn’t mean it’s safe.

Make sure you check the latest restrictions and travel advice before you book flights. It’s a good idea to book your flights on a credit card – you get more protection that way. And before you leave, get travel or health insurance.

The post Where can I live with a British passport after Brexit? appeared first on The Motley Fool UK.

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Most investors dread a stock market crash, but it’s not all bad – for some, it’s an opportunity. According to Investopedia, “A stock market crash is a rapid and often unanticipated drop in stock prices.” If you’re an investor, it can be terrifying, but not everything drops in a crash. Let’s take a look at what goes up when the stock market crashes.

Why would anything go up when the stock market crashes?

The stock market is a barometer of investors’ confidence in the market. When investors lose confidence, stocks fall. If you think about it that way, it makes sense that the things the investors are still confident about have more chance of rising in a stock market crash. The trick is making sure you have those assets in your portfolio.

What goes up when the stock market crashes?

We can argue about whether rising fear, uncertainty and doubt cause or result from stock market crashes, but in reality, it’s probably both.

More usefully, several investment types often rise when others fall. Of course, past performance is not an indicator of future results. Just because something rose in the last crash, it doesn’t mean it’ll rise in the next one. That said, let’s take a look at some common options.

Safe-haven assets

Gold, silver and bonds are the classics that traditionally stay stable or rise when the markets crash. We’ll look at gold and silver first.

In theory, gold and silver hold their value over time. This makes them attractive when the stock market is volatile, and the increased demand drives the prices up. However, history shows that this is more true of gold than silver. According to GoldSilver, gold went up in six of the nine stock market crashes between 1976 and 2020, while silver only went up in two.

As fixed-income instruments, bonds offer stable income regardless of what the stock market is doing. This makes good-quality bonds a safe haven when stocks are volatile. As always, increased demand drives prices up. Bear in mind, however, that not all bonds are quality bonds.

Essential stocks to survive and recover

Stock market crashes don’t happen on their own – something causes them. In 2020, this was the COVID-19 pandemic, and in 2008, it was the mortgage crisis. If you can identify what will help fix or survive the crisis, those stocks will probably go up.

The path out of a pandemic relies on vaccines and medical equipment, so you’d expect stocks for related companies to go up. This is indeed what happened, with stocks like Pfizer performing well during COVID-19.

You can see a similar pattern in each stock market crash, but the likely solution – and therefore the ‘right’ stocks – is different each time.

Dividend yields

A dividend yield is the amount a company pays out in dividends relative to its stock price. Dividends tend to be consistent, so when the stock price falls and the company continues to pay the same dividend, then the dividend yield rises. While dividend-yielding stocks are more volatile than gold, they’re less volatile than other stocks. This could make them a good choice in a stock market crash.

What are risky options in a stock market crash?

If you think a stock will fall in the short term, shorting or short-selling is a way to bet against it. Put simply, you borrow a few shares from a friend (for a fee), then sell them. When the price of the shares falls, you buy them back at a lower price, give them back to your friend and pocket the difference.

However, if the price rises, you still have to buy them back and return them to your friend. In this case, you foot the losses as well. Spread-betting and contract-for-difference trading is similar, and just as risky.

Derivatives should go up when the market goes down, but they’re complicated and risky. Hedging and inverse exchange-traded funds (ETFs) are based on derivatives. While these are all less risky than short-selling, they only respond to short-term changes. This makes them less helpful as a long-term safe haven in a stock market crash.

Takeaway

A stock market crash is unnerving, but it’s not the end of the world. Remember, you haven’t lost anything until you sell your investments at a lower price than you bought them for. If you include some stable assets in your portfolio to buffer you against sudden changes and invest for the long haul, it could even be an opportunity.

If you’re ready to start investing, find a share dealing account that suits you!

The post What goes up when the stock market crashes? appeared first on The Motley Fool UK.

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Investing can be a great way to grow your wealth. If you’re in the UK or EU and interested in investing, you’ll soon be able to buy Wise shares. Let’s explore what Wise is, whether Wise shares are right for you and how to get started!

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What is Wise?

Wise, formerly TransferWise, is an online borderless bank account and money transfer service in 56 currencies. They’ve grown quickly since 2011. In the 2021 financial year, they facilitated $54 billion (£39 billion) worth of low-cost international transfers. Wise users can manage multiple currencies online, either through the app or in the browser.

In 2020, Wise received a UK licence to offer investment products. They might move into this area in the future, so watch this space.

Who can buy shares in Wise, and when?

In June 2021, Wise announced their intention to float on the London Stock Exchange. If you can buy and sell UK shares, you’ll be able to buy Wise shares from 8am BST on the day they list. At the moment, that will probably be in early July 2021.

What will Wise shares be worth?

Rather than an initial public offering (IPO), Wise is going public via a direct listing. This means the market sets the initial share price, which can make the price more volatile. Sky News reported that insiders expect the initial value of Wise shares to be between £5 and £9 billion.

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What is OwnWise?

If you’re in the UK or EU and you already use Wise for your banking and transfers, you might be eligible for OwnWise. While anyone can buy Wise shares, OwnWise is only for users. It’s a Wise program to encourage up to 100,000 of their users to become shareholders.

To be eligible for OwnWise, you must be:

• an active Wise customer;
• in the UK or EU;
• not restricted by law from receiving and holding shares in Wise;
• able to receive OwnWise benefits without any special procedures; and
• not be a current or former employee of Wise or any Wise Group company.

OwnWise members who buy their shares during the eligibility period and hold their shares for 12 months or more will receive bonus shares worth 5% of the initial value of their shares (to a maximum of £100). They’ll also get to join a private community, and they might even win a trip to the annual conference!

If you’re eligible, you will have received an email from Wise in the last few weeks with instructions on how to register your interest.

How can I buy Wise shares?

Whether or not you qualify for OwnWise, once Wise shares are listed on the share market you can buy them through your normal brokers. If you don’t have a broker yet, you still have time to compare share dealing accounts or check out the list of brokers on the Wise investor site.

If you want to buy Wise shares on the first day, don’t leave it until the last minute. It often takes a few days to get a new account set up. The exact process for buying shares depends on your broker or share dealing account, but on most platforms, it’s very similar to online shopping.

Should you invest in Wise?

That’s up to you, so do your research. Since 2019, Wise has had a healthy revenue compound annual growth rate (CAGR) of 54%, and 42% CAGR for volume. With 10 million customers worldwide, that’s a great result. But remember: past performance is not an indication of future results, and the value of shares can go down as well as up.

If you’re just starting out, check out our guide on how to start investing for some handy hints before you dive in!

The post Can I buy shares in Wise? appeared first on The Motley Fool UK.

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No longer do we have to go into the bank, queue up and wait to talk to a teller. With smartphones and banking apps, we can do our banking from the convenience of our phones. But are banking apps safe?

In this case, when we ask whether banking apps are safe, what we really want to know is whether they’re secure. We really want to know if our money and identity are safe.

What are banking apps?

In the UK and the EU, you’ll find two main groups of banking apps:

• your bank’s dedicated app; and
• open banking apps.

Using your bank’s dedicated app, you can carry out banking transactions, make payments, and transfer money between your accounts. If someone breaks into your dedicated banking app, they can do exactly the same things.

With open banking, regulated providers can access your banking information to provide you with services. These services are constantly developing, but they’re split into two categories:

1. account information services, which let you see all your accounts in one place. These offer information like budgeting and accounting advice, but can’t actually carry out any transactions; and
2. payment services, which let you make payments directly from your account without going through a third party.

Each type needs different authorisations.

How do banking apps protect your data?

Banking apps can be safer than online banking. Unlike your browser, apps have security built in; also unlike your browser, well-designed apps don’t store your personal data on your device. As you’d expect, banking apps encrypt your data before it leaves your device. Even better, mobile devices can use biometrics like fingerprints and facial recognition to secure the app.

As well as two-factor authentication (2FA), many banking apps use a technique called ‘device fingerprinting’ to identify your specific device. If someone tries to log in to your online banking or a banking app on another device, your device will alert you. To keep you safe, some banking apps also:

• check whether your device is vulnerable to threats, for example, if it’s been jailbroken or rooted;
• request extra information if they detect unusual or unexpected behaviour, for example, repeated failed login attempts, or login attempts from an unexpected location; and
• provide alerts or require confirmation for particular events, for example, new logins or large transactions.

How can you protect your data?

Protecting yourself from financial crime is the same, whether you’re talking about banking apps or other online services. The bank can make their app secure, but they can’t protect you from yourself.

Unfortunately, many banking apps do let you bypass security features. No matter what you do, don’t do this! Those features are there to keep you – and your money – safe.

​All banking apps

Two-factor authentication (2FA) is a way to secure your account. A single factor is something you know (a password); the second factor is something you have (often a particular device, or a code from an SMS).

Some organisations even ask for a third factor: something you are, for example, a fingerprint or face ID. Criminals try to trick you into giving them your 2FA codes so they can break into your account. Your bank will never ask for these codes over the phone or by email, so don’t give them out!

If you download the wrong app, criminals can steal your login details when you try to log in. The best way to ensure you get the right app is to follow the link from the bank’s website. If you try to sideload it, you might as well hand your details over to the criminals.

Most banking apps offer alerts to let you know about new logins, deposits and withdrawals. Sign up for these. As well as keeping you safe, they’ll help you keep track of your money, which is never a bad thing!

And finally, learn how your app looks and works. If you notice anything odd, stop and contact your bank straight away.

Open banking apps

When you log in to an open banking app, your bank will explicitly ask you for permission by a separate means of communication. In addition, you’ll have to log in and give this permission again every few months.

Only regulated providers can offer open banking services. As with regular banking apps, follow the link from their home page to download the app.

Take away

With basic security precautions, banking apps are safe, convenient and useful. If your existing account doesn’t offer online banking, check out the best easy access savings accounts to get started.

The post Are banking apps safe? appeared first on The Motley Fool UK.

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RFID stands for radio-frequency ID. You might not know what an RFID chip is, but you almost certainly own at least one. They’re in everything from pet tags and passports to bank cards and library books. Some people even embed them in their hands rather than carrying a card!

What are RFID chips?

At a practical level, RFID chips are tiny electronic tags. When you scan them with an RFID reader, the tag sends its information from the tag using low-powered radio waves.

Some RFID chips have their own batteries, but most are actually powered by energy from the reader. The ones with batteries can have a range of up to 100 metres, while the passive ones are limited to a few centimetres.

The smallest RFID chips are 0.05 x 0.05mm, the size of a grain of dust. However, most are about the size of a grain of rice or the tip of a match.

Are RFID chips like bar codes?

Yes, but in many ways, they’re even better. RFID chips can store more information, they’re more durable, and you don’t need to be able to actually see them to read them.

From the manufacturer’s perspective, they’re harder to copy. Better, they can be reprogrammed as well as read, and they can be scanned by several readers at the same time.

Where are they used?

A better question is: where aren’t RFID chips used? They’re all over the place. As a general rule, wherever you find bar codes, you’ll also find RFID chips.

Some of the places you’ll come across RFID tags are credit cards, passports, inventory and asset tracking, public transport ‘tap and go’ cards, library books, electronic toll booths, access cards for hotel rooms and businesses, churches, and pet and animal tags. Some scientists even use them to track insects!

More interesting uses are tracking surgical instruments and dressings (to make sure the surgeons don’t accidentally leave them inside you), and tracking competitors in major sports races: if you tag the participants, the computer can detect who crosses the line first!

What blocks RFID chips?

Wood, cardboard and skin don’t block RFID chips, but metal does. You can buy special wallets with built-in RFID shields to block the signal, but wrapping them tin foil works just as well.

Contrary to popular belief, fixed magnets don’t normally affect RFID chips. Changing magnetic fields can power RFID chips, but they can’t block or change them. Be warned: even though magnets don’t affect RFID chips, they can damage the magnetic strip on some cards, so be careful!

One thing that can damage RFID chips, however, is putting them in the microwave (which can also cause a fire and damage the microwave) and hitting them with hammers. If you’re worried about RFID security, you’re much better off with an RFID shielded wallet.

Are they secure?

In some ways, RFID chips are less secure than bar codes. They can be tracked, skimmed, and infected with malware. You can even read them with completely legal smartphone apps.

Speaking of smartphones, RFID tracking is simple and common, but it discloses less information than the smartphone most people carry without a second thought.

When it comes to bank cards, there are several pros and cons to contactless payments. They’re convenient, but bank card skimming is a problem.

There are two types of skimming:

1. Using an illegal device attached to an ATM; and
2. Using a dedicated reader that can receive your card details while it’s in your pocket.

The first is fairly common, but you can protect against it by checking ATMs carefully before inserting your card. There are no statistics for the second type, so it’s probably rare. If you’re worried about it, you can use a wallet with an RFID shield to shield the chip.

A bigger problem with contactless bank and credit cards is that if you lose your card, other people can use it. Obviously, the solution is to not lose your card; however, if you do lose it, contact your bank immediately and cancel it!

The post What is an RFID chip, and what does it do? appeared first on The Motley Fool UK.

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With so many popular software packages changing to a subscription model, small businesses can save time and money with free office software. Get more control over your finances and your data.

When it comes to software, you’ll find two types of free offerings:

• Free as in beer – you don’t have to pay for it but it’s controlled by a company; and
• Free as in speech – you can do more-or-less what you want, including modifying and redistributing it.

With free software, always check the funding model. Open-source software is maintained by volunteers, while free (as in beer) software is maintained by organisations. They need to earn their money somehow.

Invoicing and accounting

If, like many small business owners, you dread dealing with invoices and accounting, don’t worry. Free accounting software makes it easy!

Waveapp

OS: Web, Android and iOS
Licence: Closed-source, funded by pay-per-use processing of credit card payments
Free version: All features except credit card processing

Waveapp’s free, user-friendly online service offers accounting, invoicing and receipt scanning. It’s easy to create and send invoices from your computer and mobile. Even better, the secure open-banking connection automates income and expense tracking. And the simple dashboard shows you immediately whether you’re making a profit.

Stock management

If your business ships products, you’ll need to manage your inventory. Why waste time setting up spreadsheets and databases when you can use dedicated software? Even better if it’s free!

Zoho Inventory

OS: Web, Android and iOS
Licence: Closed-source, funded by paid plans
Free version: 25 online orders, 25 offline orders, 50 shipping labels and 50 tracked shipments per month.

Zoho Inventory is an integrated inventory management solution. With Zoho Inventory, you can manage and track your stock from order to dispatch. Packing slips, invoicing, tracking, barcode scanning and customer management make inventory management simple.

Project management

If you work alone, life is simple. Nonetheless, as your business grows you’ll need to manage, track and communicate with your team. Sure, email chains and chat apps are one way, but do you really want to spend your whole day answering email? This is where project management software comes in handy.

Basecamp

OS: Web, Android, iOS, Mac and Windows
Licence: Closed-source, funded by paid plans
Free version: 20 users, 1GB storage, three projects

Basecamp’s easy-to-use interface divides work into projects, each containing all the useful material –discussions, files, tasks and deadlines – divided into neat categories. It’s easy to find what you need. Integrated message boards and chat, automated check-in questions and integrations with many other services make this ideal for any business.

Password management

Every business is different, but one thing they all have in common is the need to log into countless sites and services. Without a password manager, people either use simple passwords they can remember, or revert to the time-honoured method of writing their login details on post-it notes on their desk. Neither solution is ideal, especially when free, secure software is around.

Bitwarden

OS: Web, Android, iOS, Mac, Windows, Linux, CLI, self-hosted option and browser plug-ins
Licence: Open-source, funded by paid plans
Free version: Sharing for two users, two collections, unlimited shared items
Bitwarden, a user-friendly password manager, encrypts your data before it leaves your device, so you can be confident it’s secure. As an open-source project, the source code is available, making it more likely that any security problems will be detected and fixed. On every device, Bitwarden just works.

Remote meeting

In the age of COVID, remote meetings are no longer optional. Big names like Zoom and Teams dominate, but they have challenging restrictions. Free remote meeting software provides more flexibility when you’re out of the office.

Jitsi

OS: Web, Android, iOS, Mac, Windows, Linux and self-hosted option
Licence: Open-source
Free version: Unlimited access

Jitsi is community-supported, flexible and completely free video conferencing software. It has everything you’d expect from a video conferencing program, including screen sharing, streaming, text chat, statistics and more. Better, while you can install any of several cross-platform programs if you choose, it can run directly in a browser so your staff and clients can avoid installing yet another program.

​Picktime

OS: Web, Android, iOS, Mac and Windows
Licence: Closed-source, will be funded by paid plans in the future but will remain free for early adopters
Free version: Access to all features

If you’re still juggling emails, calendars and appointments with staff and clients, Picktime can help. It’s a free online scheduling platform that makes it simple to book appointments and check and share schedules. It even integrates with remote meeting services like Jitsi!

What next?

Free office software saves your business time and money. You wouldn’t use a hammer to tighten a screw, so why struggle with the wrong tools for your business? And if you don’t have a business yet, why not start a small business? A business credit card could help you get started.

The post How to get free office software if you run a small business appeared first on The Motley Fool UK.

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• Here’s what £15,000 invested in Taylor Wimpey shares on Thursday is worth today…
• How much would it take to turn an ISA into a £1,000-a-month passive income machine?

Before you start trying to find free online business courses, make sure your goals are clear.

Do you want to:

• Advance your career?
• Progress to further studies?
• Start your own business?
• Change careers?
• Access a structured course with assignments, or a series of lectures? 

​Of course, you might just be curious. Answering these questions will help you choose the best course for you.

Types of free online courses

When you start looking, you’ll find two main categories of online courses:

1. Accredited courses; and
2. Non-accredited courses.

Accredited courses

Many universities offer their courses online, often through platforms like Coursera and EdX. These are a great choice if you enjoy university-style courses or want to work towards an accredited certificate.

You can audit most courses for free – some even let you submit free peer-marked assignments – but you’ll generally need to pay if you want a certificate.

Yale provides open access to a range of courses for free on their Open Yale Courses site. Unlike most similar sites, you don’t even need to register. You can just pick a course and get started!

For something closer to home, the Open University offers OpenLearn: free online courses with no registration required. Their helpfully named ‘Business and Money’ category has courses ranging from management and marketing to accounting and problem solving, and it’s easy to filter by topic, level and length.

OpenLearn doesn’t offer certificates, but if you create an account, you can download a free Statement of Participation.

For a more practical take, Alison offers an impressive range of free accredited business courses. If you want a hard-copy of your certificate, you’ll need to pay, but if you’re happy downloading it, the whole process is free.

The Great Courses Plus is a subscription service that gives you unlimited access to the Great Courses’ extensive library of on-demand video courses. It’s technically not free, but you can get a one-month free trial when you sign up. If you can spend 30 minutes a day on the site, that’s long enough to get through at least one course in a month.

If you’d rather give it a try without signing up, try The Great Courses Daily. It offers access to a changing selection of Great Courses lectures, and often has business courses in the mix.

If none of those work for you, check out the UK National Careers Service recommendations for more free, good-quality courses.

Non-accredited courses

If you’re planning to start your own business, you’re working on continuous professional development or you’re just curious, non-accredited courses might be a better option. Udemy and Skillshare are the best-known course aggregator platforms for non-accredited courses.

Non-accredited doesn’t mean unworthy – there are some fantastic teachers on both platforms. However, the trick is finding the free courses.

On Udemy, start on the ‘Free Courses‘ page and look for business-related courses. The range of free courses changes regularly, so if you can’t find what you’re looking for, check back later.

As a subscription platform, Skillshare isn’t free; however, they have a wide range of free business courses. If they’re not quite what you’re looking for, use your free trial to watch the paid courses that grab your interest.

Course aggregator platforms have two main advantages:

1. The average quality is better; and
2. You can see other students’ reviews.

Courses by random people on their own websites can be awesome – or they can be a waste of time. At worst, they can even cause a security issue on your device. Always check reviews before downloading anything – including software to run free online courses.

Tips and tricks

You can get a long way with free online business courses, but don’t rule out paying if your perfect course isn’t free. If you need the qualification for work, paying for a formal certificate can be worth it.

In the UK, the National Careers Service can tell you if you’re eligible for grants or assistance. For formal qualifications, accreditation by the Open & Distance Learning Quality Council guarantees good quality service.

If the business course is in real-time rather than self-paced, make sure the timing works for you. And, most importantly, don’t forget to start a ‘To Learn’ list before you start browsing – there are so many fascinating courses out there that you’ll certainly end up finding more than one that grabs you!

The post How to find free online business courses appeared first on The Motley Fool UK.

More reading

• £15,000 invested in red-hot Scottish Mortgage shares 1 month ago is now worth…
• Are IAG shares the ultimate FTSE 100 volatility play? 
• Will the stock market go off like a rocket on Monday?
• Here’s what £15,000 invested in Taylor Wimpey shares on Thursday is worth today…
• How much would it take to turn an ISA into a £1,000-a-month passive income machine?