Saving and investing - introduction

Planning for your family's future involves savings and/or investing and considering options including life insurance and protection policies. 

• Saving means putting away your money for short-term needs, to afford things like holidays or weddings, or for a rainy day. If you are saving for the short term you will want to get access to your money at short notice, earn some interest and keep your money safe.
  
• Investing usually means saving for the longer term, so that you can grow your money and be able to afford something in the future, for example your retirement, or your children's education. Most investments involve an element of risk, but over the long term they also tend to give you better growth than savings or deposit accounts.

Getting started will help you compare your savings and investment options and decide how much you need to save. It will also help you consider the level of risk you are willing to take and your professional advice options. 

Choosing products will help you choose a suitable savings or investment plan once you have decided how much you want to save and how long for. Savings and deposit accounts are best suited to saving for the short to medium-term. Investments such as unit-linked funds, shares or property offer potentially higher returns than savings over the long term, but these plans usually involve some capital risk and the risk of poor returns. Lower risk options include tracker bonds, state saving schemes and savings accounts.

Cost comparisons will help you compare rates available for lump sum deposits and regular savings accounts.   

You can also get details of the various levels of protection for your deposits.

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