Holidays, new cars and the occasional luxury: we all like to treat ourselves
now and then and one way to ensure we can afford the finer things in life is to
put money aside in the form of savings.
While previous generations may have stashed their spare cash under the
mattress, we now have a wide choice of financial products and savings accounts
to choose from to ensure our money grows, whether it is saving for a rainy day
or a child’s future education.
Building society and bank saving accounts will typically offer more interest
than a traditional current account and come in a variety of forms. Depending on
when you want access to your money and how much you want to put away, there are
easy access accounts,
notice accounts,
bond or term accounts, and those for
regular savers. An independent financial adviser (IFA) can help pick
the best of the bunch for your circumstances.
The Government also allows us to save a certain amount each year tax-free in
the form of individual
savings accounts (ISAs). There are two main types of ISA:
mini cash ISAs and
maxi stocks and shares ISAs. Currently the limit for total ISA
investment is £7,000 per person, but the limit is under review by and may be
lowered within the next two years.
National Savings & Investment, which is backed by the Treasury, is also
popular with savers, offering the chance to gain tax-free winnings up to £1m
with premium
bonds or to grow your money in other investment products without the
risk of losing your capital.
To search My Local Adviser for
savings and ISA advisers click here.
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