Six Money Must-Haves For 2009

2008 was a tough year for most of us, financially. In a bid to get 2009 off to a better start, here's a round up of some of the best financial products available for the New Year, with reviews by some of The Fool's top experts..

This article was first sent to Fools as an email in out 'Afternoon' series.

American Express Cashback Card

Would you like to get paid to spend money in 2009? My favourite financial product, the Amex cashback card, allows you do just that.

You get 5% cashback on the purchases you make in your first three months (up to a maximum of £200). Admittedly, after that, the rate of cashback decreases massively - but you can still earn a market-leading 1.5% cashback if you spend more than £10,000 in a year.

It's only a good idea if you can pay your balance off in full every month, as otherwise you'll end up paying more in interest than you receive in cashback.

Personally, I love getting something for nothing, so I got this card three months ago. Unfortunately, it's not accepted everywhere but still, so far, I've earned about £90. So I'm a very happy Fool this year.

Donna Werbner - Deputy Editor

Anglo Irish Easy Access Savings Account

My top financial product is a savings account, the Anglo Irish Bank's Easy Access Deposit Issue 2, which currently pays 4.55% AER. In fairness, it's not the current market leader, but in my opinion it holds some hidden gems.

Not only was it voted the best no-notice account by Moneyfacts in 2007 and 2008, but when you need access to your cash, Anglo Irish will transfer it to you via a same day CHAPS transfer, at no extra charge. Great for when you need your cash quickly!

Szu Ping Chan - Personal Finance Writer

Alliance & Leicester Premier Direct Current Account

I like the Alliance & Leicester Premier Direct Current Account. It's a current account that pays 6.5% interest which is far better than the vast majority of savings accounts. What's more, the rate is guaranteed for the next 12 months. That's a very attractive feature given that the Bank of England's base rate may well fall further in 2009.

There are two downsides. You have to pay in at least £500 into the account each month, and the 6.5% interest is only paid on the first £2500 in the account.

Still, it's an absolutely superb rate, so I really should get organised and move my current account to A & L pronto!

Ed Bowsher - Editor

Lloyds TSB 5-year fixed rate at 5.19%

This deal is something that you would have been offered 2 years ago, before the credit crunch. It has a very competitive rate, with a low fee of £495. However, you do need at least a 25% deposit /equity stake in order to get it.

I like this deal because it fixes your rate for the next five years, which means you have certainty for the forseeable future in a market that is volatile.

Of course, with a fixed rate you won't benefit from falling interest rates - but you may prefer the certainty of knowing your payments won't increase, either. And because this deal lasts for over five years, you will be spared the hassle and expense of remortgaging until April 2014.

That's why, if my best friend was remortgaging, I'd tell him to go for this deal. I'd say: "Fix it 5 years and forget about it!"

Tim Wilson - a broker at The Motley Fool Mortgage Service

Legal & General UK Index-Tracking Trust

After this year's stock-market crash, index trackers are ideal for anyone wishing to back a FTSE recovery in 2009 and beyond.

Low-cost (here are some of the cheapest) and simple, I think index trackers beat expensive, high-brow City funds any day.

What's more, today's 4%-or-so dividend yield from trackers is great than the income from many savings accounts!

I say the Legal & General UK Index Fund, a long-time Fool favourite, is as good as any.

Maynard Paton - Advisor, Champion Shares

The Virgin Money Credit Card MasterCard

In my view, this has been the standout credit card of 2008 -- and will take some beating in 2009. The Virgin Money Credit Card MasterCard offers a whopping 16 month interest-free period on balance transfers, and you can even shift outstanding overdraft and personal debts to the card as part of its 0% offer.

It also offers a six month 0% on new purchases deal -- and while I'd usually steer Fools clear of spending on a balance transfer card, this one works slightly differently. Although Virgin usually operates negative payment hierarchy, during the first six months your repayments will be geared towards the promotional offer on purchases. This means that, as long as you pay off what you spend within this period, Virgin's 0% purchases promise has no sting in its tail.

Laura Starkey - Personal Finance Writer

Have a fun and Foolish 2009!

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