Finding the best deal for your savings
A decade of low interest rates has left savers disillusioned, and more people than ever are holding on to their money in deposit accounts. But help is at hand for those who want to enhance their savings portfolio and save their money more wisely.
The decline of savings products
Back in 2007, when savers could earn as much as 5% interest on some savings accounts, the thought of money languishing in a regular deposit account earning no interest just didn’t make sense. As a result, only £23 billion was saved in such deposit accounts. Fast-forward 10 years and that figure has leapt to £180 billion. In light of record low interest rates, people are forgoing savings accounts and simply leaving their money where it is.
Finding smarter ways to grow your savings
It’s easy to see why savers are holding more than they need in their deposit accounts, but there are still some very good savings products out there. You just have to know where to look. Unfortunately, shopping around for a better deal takes up precious time.
We’re solving this problem with an online tool called Clever Cash. Designed to help our clients answer the question, ‘Where should I save my money?’, the platform analyses the savings products on the market – personal deposits, cash ISAs, SIPP accounts, etc. – and provides a list of those offering the very best interest rates available. The transaction can be completed there and then, so you can start saving instantly. After that, online tracking lets you see how your savings portfolio is performing over time.
Generation Financial Services is dedicated to helping people grow and manage their money in simple, innovative ways. Head to our Clever Cash page and start maximising your savings today.