Savers 'should stick to instant access products'
www.moneynews.co.uk > Banking > Savers 'should stick to instant access products'
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Savers 'should stick to instant access products'
Tue 30th Aug 2011
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Phil Perry, a director at Ark Financial Planning, an independent financial advisory company, stated that people looking at saving from a low initial deposit should also stick to products which are tax efficient.
"The first port of call would always be an Isa, depending upon the client's tax position of course," said Mr Perry.
He added that he would avoid schemes which tie money up for years without offering access, as interest rates are predicted to rise and fixed-rate schemes could risk losing investors money.
Mr Perry said that if it was the case, savers could realistically "fall behind the times".
A survey from Legal and General published earlier this month claimed that if interest rates were to rise, ten per cent of people would cash in their savings to compensate for either corollary rises in mortgage payments or increases to household bills.
Click here for more banking news
Related News : Banking |
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Related News : Legal and General |
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