Savings

Making your money work harder

Just like you need petrol to run a car, money provides you with the means to live your life. Big purchases, holidays, a wedding, emergency reserves to dip into if out of work … tucking some spare cash aside regularly makes good money sense. Picture this, you’ve just landed a cash bonus or been left a sum of money in a will, what saving vehicle will you choose? There’s quite a selection, each offering different terms and incentives.

Shopping around to save

The first question you should ask yourself is; how quickly do you need access to the money? Would you be prepared to forgo instant access for a higher rate of interest?

Talking to an independent financial adviser will help you:

* decide which saving facilities and features are relevant to you;

* pinpoint what you are saving for and how much you’ll need to set aside to reach that goal;

* compare the cost of any debts you have accumulated against the interest you are likely earn in savings source the most tax efficient savings account.  

Bank & building society accounts

The first step towards a safer financial future

The usual place for squirreling away some cash for emergencies, or to fund future activities, is with high street or online banks and building societies. There’s plenty of choice, and unlike other investment decisions, these are generally low risk saving channels.

Warning: Doing nothing could seriously affect your wealth

By doing nothing with your spare money, inflation will gradually erode the value of it. All the time your money is earning no interest, the cost of goods rise. But with the value of your money remaining the same, you will be able to buy less. Savings earning interest can help to offset the effect of inflation.

* Questions worth asking yourself before making any savings decision include:

* What interest rates are offered to accounts in credit?

* Are there any account charges, and for what?

* Can you manage the account online? Is there a minimum opening balance?

* What introductory offers are there?

* Do they offer preferential rates on other financial products to account holders?  

For more information on savings please contact us and one of our advisers will call you back to arrange an appointment. You may telephone us on 01200 427210 or email us at info@travisyates.com