Are you neglecting your cash savings?
| Over a quarter of adults neglect their savings by keeping cash in accounts with no interest | Cash savings platforms simplify finding the best interest rates by consolidating accounts from various banks | Using a savings platform offers control, convenience, and risk spreading, turning neglected savings into growth |
We previously looked at how a regular savings habit can improve your personal wellbeing, whatever your income level. But data shows that over a quarter of adults are neglecting the ‘wellbeing’ of those savings.
A lack of interest
Research1 released in September shows that over a quarter of adults keep their cash in accounts that pay no interest. With so many accounts on the market offering good rates of interest, why do so many of us neglect our hard-earned savings?
If it’s the effort of shopping around or holding money in lots of different accounts that’s stopping us, the solution could be a cash savings platform. There are many to choose from including Quilter’s CashHub which can sit neatly alongside any Quilter investments you have.
A platform for success
The main benefit of platforms like these is that they bring together a variety of savings accounts from a range of banks into one place, saving you from having to trawl the internet for the best deals.
Other advantages include:
- It’s easy to move money to new accounts when better rates come along.
- You can make the most of FSCS protection by spreading the risk across accounts.
- You can build a portfolio of accounts that balances best returns with control over access.
Neglect into growth
With so much choice, control and convenience, a cash savings platform could turn a neglected asset into a growing one, and boost both your financial and personal wellbeing.
1Building Societies Association, Sep 2024
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK.