"Medical + Dental Financial Planning Services have advised us for several years and we are delighted with their expertise and guidance. David Henderson and his team have offered invaluable, intelligent and astute recommendations of our investments, particularly in the difficult world of retirement, and we anticipate that this personal relationship continues in a long and fruitful association over the coming years."
- Independent Advice
- NHS & State Pensions
- Retirement Planning
- Estate & Tax
- Risk & Protection
Saving is undoubtedly a good habit to nurture. But Savings and Investment products are distinct, and it is important to distinguish between the two offerings.
These products usually provide for a specific short-term need or purchase, like a holiday or a new car, and are generally funds that you can set aside today but that you have immediately accessible â€“ if the need arises.The most common savings vehicle is a bank account of one kind or another. In an emergency, you can immediately withdraw some or all of the money youâ€™ve deposited â€“ Â£1 back for every Â£1 youâ€™ve put in, (and possibly some interest on top).
Current accounts may offer a very low rate of interest (if any), but they are the most flexible in terms of accessing your money. Banks also offer savings accounts, offering a higher rate of interest, and also notice accounts, which have more competitive interest rates, but as the name implies, you have to give a certain amount of notice before making a withdrawal (perhaps up to 60 or 90 days); or invest the money for a set minimum period of time.
New Individual Savings Account - NISA is a tax-efficient product through which you may invest up to Â£20,000 cash annually, and some providers offer instant access to a Cash ISA without penalty.
Investments are designed to be held for a longer period of time, usually at least 5 years. So you should not consider investments until you already have some savings in place. Most investments offer the prospect of a potentially higher return than deposit accounts, but there are no guarantees, and you should be comfortable tying up your capital for a longer period of time.
Contact us before making any decisions. We will always explain the risk of any potential investment in detail.