"I have known David Henderson for seven years and during that time, he has had full control of my financial investment portfolio through retirement and the consequences of adjustment to widowhood. I have never had any cause to doubt his skilled advice and commitment. This has been delivered through a friendly and totally reliable relationship. I have regarded him as a trustworthy friend and in terms of the financial manoeuvres, his practical adjustments have (thus far in a volatile world!) all been safe and successful. He has been helpfully reassuring at times based on an extensive knowledge of theway the markets and global economy works I find this very educational. I have recommended his services to several friends all of whom have commented most favourably after his input totheir finances."
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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.