“Independent Financial Advisers,       Peterborough and London”

01733 355120

02036 377140

enquiries@hensoncrisp.com

The different types of savings account

The savings market has many different types of account, often making it difficult to decide which deal is best for you.

Several factors including how likely you are to need access to your money and for how long you are prepared to tie it up for will affect which kind of savings account you are best suited to. Also ISAs come with a tax-free annual limit (£15,240 for 2015-2016) which needs to be considered when looking at rates of return.

Savings accounts
Cash ISAs (tax-free) Tax-free savings. You get an annual allowance - it is certainly worth making the most of this.
Fixed rate ISA (tax-free) These accounts pay a guaranteed amount of interest when you leave your money in the account
Instant and easy access accounts These types of accounts can be useful for day to day living costs as well as emergency savings.
Regular savings accounts For saving a monthly chunk of your income. There are often rules about how much you can put in and take out.
Fixed-term deposit accounts (aka fixed-rate bonds). These types of accounts are used for setting money aside for a certain length of time.
Index-linked accounts Similar to fixed-term deposits, but the interest rate changes in line with inflation.
You can use different accounts for different goals. For example, use an instant access account to save for an emergency fund while using a fixed-rate account to save up for a deposit on a house.
It's not always easy to find the right savings account. The number of savings accounts on offer can also make it hard to choose the best deal.



Cash ISAs (Individual Savings Accounts)

If you are a UK taxpayer, you normally pay tax on interest earned from your savings in line with your usual rate - so you stand to lose 20% or 40% of your return (once you've reached your tax threshold). However, cash ISAs enable you to earn tax-free interest.

Even when Cash ISAs don't offer the most attractive interest rates on the market, their tax-free status does mean they could provide savers with better returns than standard savings accounts.

The limit for a Cash ISA is £15,240 (2015/2016 tax year), which can be made up of cash, stocks and shares, or a combination of both.

ISAs come with attractive tax free savings




Instant access savings accounts

Instant access savings accounts offer you the flexibility to withdraw your money quickly and easily.

Saving in an instant access account is necessary if you might need to withdraw some of the money you've put aside; either for every day costs or for an emergency.

An instant access account may pay more interest than a normal current account, and the money is on hand when you need it.




Notice savings accounts

Notice savings accounts work in a different way to instant access deals.

Instead of having quick access to your money when it suits you, saving in a notice account means you'll have to tell your provider in advance that you want to make a withdrawal.

Some notice accounts demand that you let them know you intend to withdraw money 30, 60 or 90 days ahead - so these accounts are unlikely to suit you if you may need to get at your savings unexpectedly.

If you do make an emergency withdrawal from a notice savings account, you're likely to lose some interest.

Notice accounts are likely to come with variable interest rates - which means it's important to keep an eye on your return.




Regular savings accounts

Regular savings accounts require customers to deposit money each month, without fail - so they are ideal for savers who are just starting out, or who wish to drip feed cash into their account in a disciplined way.

Regular savings accounts may limit the number of withdrawals you can make each year, which means it may not make sense to use one for emergency savings.

You may get a slightly higher interest rate with a regular savings accounts than with an easy access account.




Fixed-rate bonds

Fixed-rate bonds are savings accounts that offer a fixed interest rate on your cash for a set period of time. While they often come with higher interest rates than instant access, notice or regular savings accounts, opening one will mean giving up access to your money during the term of the bond.

Fixed-rate bonds can extend over one year, two years - even three, four or five years. Generally, the longer you're prepared to lock your cash away for, the higher your return will be.

With a fixed-rate deposit account a fixed rate of interest is set in advance, so you know exactly how much you'll receive.




Index-linked accounts

Index-linked savings accounts are fixed-term deposits. You agree to leave your money in the account for a certain number of years. In exchange, you'll get an interest rate that's linked to inflation.

With an index-linked account you can't be certain what you'll get at the end of the term.

Any information in this blog article does not constitute advice and should not be acted upon without taking professional advice.


society of later life advisers : advising on care fee funding and later life

Wealth Managment and Later Life Advice

Henson Crisp Ltd are Independent Financial Advisers (IFAs) based in the city of Peterborough. We provide high quality Financial Advice, Financial Planning & Wealth Management advice. Our advisers are able to advise on a range of financial areas from investments and savings, retirement options, tax planning and business information to advice at Later Life and care fee funding options.

We are members of SOLLA: society of later life advisers. At Henson Crisp we pride ourselves in providing a personal and professional service to our clients.

The value of your pensions and investments and income from them may go down as well as up. You may not get back the original amount invested.


Close 'Click here to close extra information'


Our London Office

25.03.15

We have recently opened our London office; many of our existing clients are based in London.

London Office



i2 Office, No.1 Royal Exchange, London, EC3V 3DG

T:020 37516510

E: enquiries@hensoncrisp.com


Close 'Click here to close extra information'


Later Life Advice

Accessing quality and specialist advice is crucial to older people now more than ever.

We are delighted to be members of SOLLA. The Society of Later Life Advisers provides a framework which ensures this advice is available and easily accessible to those who need it, and importantly, that the advisers who give this advice are trust worthy and empathetic, as well as having the appropriate knowledge to help older people with their financial affairs.

When you save for a pension, you shouldn't focus only on how much you're putting into it. You should also regularly review how it's being invested. And as you get older, you should probably change your investment strategy to reduce risk as retirement draws closer. This is where we can help.

We pride ourselves in our expertise we can offer in this area. We will look at getting you the best possible retirement that your savings, Investments and pension will allow and cover any protection issues like Long Term Care.

There are many options for funding long-term care and they can often be complicated to understand. Long Term Care expert advice can give you peace of mind to those needing care and to their family.

We can discuss the many care fee funding options available including immediate need care fee payment plans and deferred payment agreements.


Close 'Click here to close extra information'


Pensions & Retirement Options

Pension Planning

It's essential that you review your pension situation regularly. We can help you with taking steps to make it more certain that your pension pot will be able to achieve the income you want when you retire.

We can help you look at your retirement options and make sure you're making the most of tax benefits when paying into a personal pension and advise on consolidating any earlier pension schemes you may have entered into with previous employers.

Let us explain the new pension freedom changes happening in April 5th 2015 which give you more choice on Annuities and Income Drawdown.

The value of your pension can fall as well as rise and you may not get back the original amount invested.


Close 'Click here to close extra information'


Investments and Savings Advice

Our team of advisers assess where you are financially and where you'd like to be positioned to cope with future life stages. It's important to make sure your investment planning is on track

We can advise on a range of products, including but not limited to:

Property Investment

Premium Bonds

National Savings Certificates

Individual Savings accounts

Investment Bonds

Offshore Investment Bonds

Unit and Investment Trusts

Share Portfolios

The value of your pension can fall as well as rise and you may not get back the original amount invested.


Close 'Click here to close extra information'


Long Term Care

The options for funding long-term care are varied and can often be complicated. So if you or a loved one need to pay for care at home or in a care home, it's important to know the facts.

We can discuss the many care fee funding options available including immediate need care fee payment plans and deferred payment agreements.


Close 'Click here to close extra information'


Tax Planning

For those with large portfolios or whose estates fall into the Inheritance Tax trap specialist independent financial advice can provide you with tax mitigation strategies to minimise your tax liability.


Close 'Click here to close extra information'


Business Advice

If you're a business owner it's a good idea to seek guidance from an independent financial adviser (IFA) as we can help you with the financial matters that are the foundation of every business. We can give you advice on how to structure your company, insure your business, protect your employees' financial well-being and protect the business if a key employee cannot work.

Covering but not limited to:

Business Protection - Providing Cover for Key Personnel, Directors and Groups. Providing replacement income if an employee is absent from work through long-term illness or injury.

Employee Benefits - Advising on benefits such as pensions and life protection to your employees.

Directors Pensions - The aim of a Director's Pension is to build up a sum of money in a tax-efficient way that will be used to provide you with an income when you retire.

Auto Enrolment - A workplace pension is a way of saving for your retirement that's arranged by your employer.


Close 'Click here to close extra information'


Advising on your savings and investments for your future

Our independent financial advisers can offer expert financial advice to both individuals and businesses

We're here to assist you in all areas of financial planning, helping you to achieve your financial and lifestyle goals and protect all that's important. The type of advice we give you can depend where you are in Life.

For instance at Pre-Retirement we would help you in ensuring that sufficient reserves have been built up to provide the desired level of retirement. Whereas at Later Life we would be looking to ensure you're enjoying the best possible retirement that your savings and pension will allow and minimising inheritance tax on anything that you wish to pass and perhaps investigating Long Term Care options.

The value of investments and income from them may go down. You may not get back the original amount invested.



Close 'Click here to close extra information'


Useful Articles on your Pension Pot

21st Oct 2015

Planning for Retirement The importance of Planning for Retirement
10 Top Retirement Planning Tips Pension Forecast, carry on working, defer pension income and more
Getting the most from your Pension Savings, Tax Relief, Reviews
Pensions advice for self-employed What you should consider on Pensions if you're self employed
Taking regular withdrawals from your pension pot? The danger of taking regular withdrawals from your pension pot
How big should my pension pot be? Anything from £12,000pa to 2/3 of your salary


Close 'Click here to close extra information'


The importance of Planning for Retirement

Once you reach the stage where you're considering your retirement income, expert financial advice becomes even more important. Many of the choices you make at this time will affect your lifestyle so you need to make sure they're right.

A pension is a form of investment or savings plan designed to provide you with an income to live on when you retire. There are many different types of pension arrangements available, including the state pension.

Options are varied and can be tailored to your circumstances.

Find out More on Planning for Retirement »  Planning for Retirement




10 Top Retirement Planning Tips

Let us help you to get the most from your retirement. You need to look at finances and seek advice if needed, also think about making the transition from work to retirement as smooth as possible. It can prove difficult going from full time work to being at home.

10 Top Retirement Planning Tips, Find out More   Find Out More »




Getting the most from your Pension

Do you want to know how to get the most from your pension?

There are a number of things you can do to improve the performance of your pensions.

How to get the most from your Pension  Find Out More »




Pensions advice for self-employed

You can't rely on the state pension for your retirement

It's really important to start planning ahead as soon as possible, so that you can live life the way you want when you retire.

Being self-employed can leave you vulnerable when it comes to your pension. It is very likely you will need another pension, apart from the state pension, in order to retire comfortably.

Our advisers are qualified to offer comprehensive guidance on taking out a personal pension. When it comes to your pension it's important you take proper advice.




Do you want to find out more on Pensions advice for self-employed?   Find Out More »




The dangers of taking regular withdrawals from your pension pot

Following changes introduced in April 2015 you have more choice and flexibility than ever before over how and when you can take money from your pension pot. It's important to take your time to understand your options, and get the right help and advice. What you decide now will affect your retirement income for the rest of your life.

Using the new freedoms to make regular withdrawals without keeping a close eye on the markets and their effects on your fund is a dangerous route.

The danger of taking regular withdrawals from your pension pot  Find Out More »




How big should my pension pot be?

Anything from £12,000pa to 2/3 of your salary?

Everyone wants to save enough to ensure they have a comfortable retirement. But it's difficult to know just how much income you'll need as a pensioner.

Many experts are saying 2/3 of your income to live very comfortably (and maintain their lifestyle) and £12,000* for a very basic standard of living.

Do you know how big should my pension pot be?   Find Out More »





Close 'Click here to close extra information'


Website Sitemap



Close 'Click here to close extra information'


Henson Crisp ~ Qualified Financial Advisers Peterborough and London

What do our clients say about the financial advice they receive?

Friendly yet professional service, we have known Jonathon for many years after we were referred to him by a Mortgage Advisor. He has provided us with sound financial advice in this time and we trust his judgement wholeheartedly. As a result we have referred Jonathon to numerous other friends and family, who are equally trusting of him and the services he is able to offer.

Ian and Wendy Hodges-Jackson

When the time came to look closely at my pension plans I knew that I would need help. I am used to dealing with quite complex financial matters, but pensions are different with constantly changing rules / laws, and great care needs to be taken to ensure that you get the best result for your future needs. It is an extremely important decision which I felt required expertise from people used to dealing with such matters. I felt at ease in all my discussions with Rachelle Jordan from Henson Crisp and felt confident that they would do their best for me. At all times I knew where I stood regarding fees etc., and all the intricacies of the pension plans were explained to me carefully, efficiently. and in a friendly manner .

Mr & Mrs N Ely

>> Click here to see what our clients have to say <<


Close 'Click here to close extra information'


Contact Henson Crisp ~ Financial Advisers Peterborough

Contact:

Henson Crisp
Peterscourt
City Road
Peterborough
Cambs
PE1 1SA
Tel: + 44 (0)1733 355120
Email: enquiries@hensoncrisp.com


Close 'Click here to close extra information'