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dur
Apprentice
Joined: 27 Sep 2005
Posts: 1
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 Posted: 03/10/08 - 10:48 Post subject: |
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I want to save some money in a bank account. I'm thinking about getting a high interest account and putting my money there for a long time. I'm looking for some tips on which account to choose. Do you think it's the right way for putting my money away? Are there better ways? Thank you in advance!
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ban
Apprentice
Joined: 21 Nov 2007
Posts: 1
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| Posted: 04/08/08 - 22:43 Post subject: |
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If you want to save for a long time then you have many options available. Banks would be open for saving money for you and they would offer their long term services. Putting money on the account with high interest is one of them. You can consider Individual Savings Account which is very popular because of it's benefits. It consist of two parts: cash and investment component. That's very convenient because you can make regular cash saving and also invest in stocks and shares for higher interest. Tax is not paid on this kind of saving and you can get cash from it any time without paying penalties. The only bad thing about it is investment limitation, you can invest up to 7000 pounds per year. Pensions are also a good way of putting money away for a long time. There have been some changes in pension schemes made by government to improve pension conditions, so now these deals are very convenient. You are guaranteed to get it after you retire, and besides safety you also have a benefit of tax relief. In my opinion these two ways are the safest way of saving and with good interest.
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