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Savings advice, why save?
Why does anyone save? The answer is obvious. 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.
Savings can be divided into short and long term needs.
Short term savings needs
Saving for a car or a holiday: the most suitable investment is usually a deposit account such as a bank or building society
account.
Long term savings needs
Saving for retirement, school fees or providing capital for children as they grow up.
You'll need to consider how easy it will be to get at your money and how
much you can afford to put back.
Consider your attitude to
risk, generally the higher the risk the greater the potential for gain.
Be aware of your tax situation and the charges on savings plans.
Types of UK Savings plans.
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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