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Savings and investments

Many people save by simply putting their change in a jar or by keeping money in an old purse in their own homes. The obvious problem is losing your money if you are burgled. However, sometimes saving your pennies is a useful way of getting into the savings habit. This method should not be seen as a replacement for a proper interest bearing savings account, but can be useful for 'rainy day' saving.

There are a bewildering number of options for saving and investing money. It is important to recognise that there is usually some sort of risk involved. The degree of risk varies between investments. Many organisations offer you ways to save and invest, and there are many ways of doing this. These include:

A key factor in choosing an account is the amount of interest that each option pays. In the Useful tools section you will find an interest calculator which you may find useful. Interest rates change so you should check what your savings are earning.

We recommend that you seek the advice of an Independent Financial Adviser in order to make the most of your savings and investments. To find an IFA (Independent Financial Adviser) in your area, visit the IFA Promotion web site

For more help on savings and investments see Where money comes from and Risk and return.

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