Savings

Debt Consolidation Explained >> Debt Prevention >> Savings

Savings

It is recommended that you have 3 months of salary in savings. In the average case this gives you long enough to solve a problem, whether it is finding another job or moving house and downsizing. You should put the money into a separate savings account in order to receive higher interest than a current account and so you don't accidentally spend it.

Bank accounts - some bank accounts, particularly those operated over the internet, will pay interest rates as high as many savings accounts.
Savings accounts - many of the best-paying accounts are operated over the internet and can offer a high interest rate.
Cash ISAs - many of these pay relatively high interest rates, with the advantage of interest being tax-free. But you can only invest Ł3,000 a year, and having a cash ISA will reduce the amount you can save in stocks and shares ISAs.

Other ways to save…

Friendly Society Savings Schemes
National Savings & Investments
Bonds
Gilts
Unit trusts/investment trusts/oeics
Stocks and shares ISAs
Individual shares
Pensions

If you are at all unsure about what to invest in it is best to seek the advice of an independent financial advisor. IFAs can find the most appropriate savings products for your needs and outlook and help you to take a step back and assess your spending.

Debt Consolidation Explained contains general information only. We strongly advise you to seek qualified professional advice before taking any action.

Debt Consolidation Explained : information and advice on debt and how to prevent it.

Debt Consolidation Explained >> Debt Prevention >> Savings

Savings