According to figures from the Money Advice Service, six out of ten people do not seek help when they experience a life event that could impact their finances.
Apparently, one in six people can’t read the balance on a bank statement. Approximately 40% of the working age population are unlikely to have adequate income in retirement. Over 50% of people say that they are ‘making do’. And more than 80% of over-indebted people do not seek free advice that could help them escape from the problems they face.
As a result, a Financial Capability Strategy for the UK has been initiated to help people manage their money over the short and long term. And this week has been Financial Capability Week.
Those of you who have been following the evolution of the savings market over the years – or even those who are new to it, will be aware that it has become increasingly complex, with the number of new accounts and terms and conditions that are being added all the time.
Even new Government initiatives, such as the Personal Savings Allowance (PSA), Help to Buy ISAs and Lifetime ISAs and new ISA rules as a whole - which were introduced in order to offer some benefit to the increasingly beleaguered saver - have actually added a further element of confusion. Especially for those who are trying to make sure that their savings are working as hard as the rest of their money.
- For more information about Navigating the ISA maze, download our FREE guide
Choosing the right type of savings account isn’t always straightforward. There are a number of different types, which may or may not be appropriate, depending on whether you need immediate access or would be able to give notice in order to access your cash. Or perhaps you would prefer to know exactly how much interest you will earn over a set period of time?
Here at Savings Champion, our mission is to make each type of account clear to our customers and to help you decide which one is right for you. We hope the following information is useful in helping you to understand the difference between the key types of account.
But if you need any further help, as ever, please do not hesitate to contact us on 0800 011 9705
Which type of Savings Account is right for me?
Choosing the right account isn’t always straightforward. There are a number of different types, which may or may not be appropriate, depending on whether you need immediate access or would be able to give notice in order to access your cash.