Save regularly for 'brighter future'

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Save regularly for 'brighter future'

Tue 21st Nov 2006

The merits of using regular savings accounts have been extolled by Hargreaves Lansdown, a UK asset management provider, highlighting the benefits that can be gotten by young people saving regularly.

Young investors could take advantage of a range of high interest savings accounts though Meera Patel, senior analyst at Hargreaves Lansdown. said that some people are simply overlooking these options.

When asked who is more likely to seek financial advice on the topic of regular savings, Ms Patel remarked that she believed younger people were, due to the fact that they were short on experience in making their money work for them.

Ms Patel said: "You can invest from £50 a month from the moment you've paid off all your debts at an early age. Another important thing about regular-savings is that if you've got a young family and you want to start a nest egg for your child then it's a great way to do it."

According to MoneyFacts, some of the best regular savings accounts are the Ipswich Building Society's Target Saver, the Britannia Fixed-rate Regular Saver and the Halifax Regular Saver that offer 8.25 per cent, 7.50 per cent and 7.00 per cent gross respectively.

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