Savings

Savings can take many shapes and forms, from short term deposit accounts to long term saving for retirement in the form of a pension.

Most people will build up a variety of different types of savings over the years to help accumulate money for different purposes. The main things you have to consider when deciding what type of saving is best for you are the length of time over which you wish to save, how easily you need to access your money while you are saving, and the amount of risk you are prepared to take with your money.

You can make regular savings into a variety of different schemes, or you may prefer to make lump sum investments with money you receive as an inheritance or from the sale of a house.

Different type of savings attract different tax treatments, from Individual Savings Accounts (ISAs), which are tax free, to deposit accounts, which may mean you have to pay tax on the interest you receive.