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Savings accounts, why save anyway?
Why does anyone save? The answer can seem obvious but people
save for many different reasons.
You may need the money in the future either for something you want to buy,
or to cover the unexpected, or for when you are too old or ill to work.
There are many different types of savings accounts suitable for both short and
long term needs.
Short term savings needs.
Saving for a car or a holiday: the most suitable investment is usually a deposit
savings account. Deposit savings accounts are available in every bank or building society
and are sometimes referred to as a "current account".
Long term savings needs.
There are many reasons for saving for the future. Long term savings
plans can help you save for retirement, school fees or for providing for
children as they grow up.
When you put money aside over a longer term, you'll need to consider how easy it
will be to get at your money and how much you can afford to commit on a regular
basis.
When you consider a long term investment or savings plan you will need to review your attitude to
risk,. When it comes to investments, generally speaking the higher the risk the greater the potential for gains
and losses.
When comparing savings and investments it's important to be aware of your tax
situation and the charges attached to the plan.
Types of UK Savings Accounts.
Brief explanations of the different types of UK Savings
plans are
given below, please follow the links for more information.
Banks & Building Society Savings Accounts.
These products are often called deposits because the investor
receives a rate of interest in return for depositing capital.
more >>
National Savings.
National Savings are secure investments guaranteed by the British Government.
more >>
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