Safe Ways to Save Money

There are a wide range of options for putting your cash to work - just don't expect high interest rates

James Gard 23 August, 2021 | 8:59AM
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Even if savings interest rates are not very exciting right now, there are times when you need money in the bank. Whether you are saving for a house deposit or preparing to pay your child’s university fees, cash is always useful to have. Rainy day funds can also get you through tough times. So what are your no-risk options?

Many current accounts, if they pay interest at all, give you a measly 0.01% a year on your hard-earned money. With inflation currently at 2.3%, that means that your interest will struggle to match rises in the cost of living.

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James Gard  is content editor for Morningstar.co.uk

 

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