• January 10, 2024
• 8 months ago

What are good alternatives to a bank savings account?

Times are tight, inflation is soaring, and the cost of living is at a record high, so it’s more important than ever for your money to be in the right place and not being eaten away by inflation in the wrong account.

In April inflation hit a 40-year high of 9%, up from 7% in March, and it’s predicted to continue rising this year.

It means prices of everything we buy has risen and certain household bills have shot up by much further than this amount. Energy bills, for example, rose 54% in April, and are expected to go up further in the autumn.

If you haven’t looked at your personal accounts in a while, it’s time to give them an assessment to make sure your money is in the right place for you.

You want to be earning as much interest as possible and making it work for you. Keeping it in your current account earning no interest is not doing you any favors, and it’ll be losing its value thanks to inflation.

Here we look at five alternative locations where you can set your money to work so it’ll start earning a return for you. Please remember you may not get back the full amount you put in. Your capital is at risk if you invest and Jackpoty is not protected by the Financial Services Compensation Scheme (FSCS).