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  • Pensions
  • Savings
  • Investments

Savings or investments? How to work out what’s right for you

With many Wealth Management firms and Financial Advisers alike, it can often be a difficult decision to know which way to turn when it comes to savings or investing. Advisers usually have their own specialist field – whether that be mortgages, pensions, pension transfers, investments or insurance.  Some may also prefer to deal with only certain types of clients, and may commonly choose only to work with wealthier clients in an attempt to secure higher fees.

At GilesSmith we’re not so concerned about making money.  Ironic we know for a Wealth Management firm, however what we mean is that it’s not all about our own bottom line profit but more about adding value for our clients.

Best of both worlds – Savings and Investments

We are in the unique position that we can deal with both Savings and Investments.  Acting as Branch Agents for KentReliance from our offices in Littlehampton and Chichester, we don’t have to chase high fees and focus on only those with lots of money – we prefer an inclusive approach.  We also don’t think that investing should only be reserved for the wealthiest of people, but should be accessible to all.  More so, investing may not be suitable for everyone therefore we feel it’s important to be able to provide an alternative to investing – namely savings. Or better still, a combination of the two.

With DirectInvest at GilesSmith you can invest from as little as £50 and top this up at any time from as little as a £1. And through our local offices at KentReliance, you can save from as little as £25, and again top this up from as little as £1.  But don’t think this means you sacrifice a good return by investing or saving lower amounts.  Our unique proposition, powered by True Potential, means that investing £50 in any one of our Investment Portfolios is invested in exactly the same way as those with lots more money.  Saving just £25 can be saved in exactly the same savings account as those that can save up to £500 per month.

But what’s the difference between the two?

Investing is usually for long term goals.  When you invest, you should do so for a minimum of between five to ten years.  You invest with a view of gaining a higher potential return than typical Bank or Building Society accounts.  However, whatever you invest in, the value of your money will go up and down.  This is why you need to invest over the longer term to make sure you iron out the peaks and troughs.

We also feel it is better to invest on a regular basis as oppose to a one off lump sum.  This then takes more advantage of the peaks and troughs and in fact the troughs become more advantageous than the peaks over the longer term.

Savings are more for short term goals.  Whether this be for building a suitable emergency fund or planning for things such as a holiday or Christmas.  With savings, there is no risk to your capital and you can access your money at any time.  Whatever interest rate is offered on the account, that is the interest you will get.

Reaching your goals

We feel it’s important that you plan for both long and short term goals.  Having a combination of the two can be a good way to manage your money and gives you complete control of your future goals.  And we can help you with both.

By having High Street locations, you can come into any of our offices and add or withdraw from both your savings and your investments – anything from £1.  This is our unique position and possibly one of the only propositions of this nature in the current market.

To find out more about DirectInvest click here and for savings click here