Products & services

Why save?

Savings can help pay for the unexpected expenses in your life. The Independent Financial Advice Service will help you think about your needs. What are you saving for? Is it long term or short term?

Your adviser will be able to search the whole market to find savings products that are right for your plans. Savings accounts are the easiest way of putting money aside‚ and you will earn interest on the money you pay in as long as you leave it there.

• Instant access savings accounts
  You pay money into the account‚ and you can take it out whenever you want. You'll get paid interest on any money in that account. These accounts are low risk‚ and usually low interest. They can be opened with a tiny amount of money.
• Notice savings accounts
  You'll have to give notice to withdraw the money you pay in – in some cases up to 90 days’ notice‚ and you will probably be charged if you want to withdraw money sooner. These accounts are low risk with better rates of interest than Instant Access Accounts. However‚ you may have to invest a lump sum to open an account. There is less access to your money‚ and usually a charge for quick withdrawals.
  The tax position
  If you are a UK taxpayer‚ you will have to pay tax on interest you earn. The amount depends on which tax band your income falls into. If you want to avoid tax‚ you may be better off putting your money into tax efficient investments. Your financial adviser can talk you through the options.

Why invest?

Investments can be a good way of ensuring you have more money to live on in the future. You can potentially avoid tax on the interest your money earns. Your adviser will give you some questions to think about and find out your objectives. For example‚ How long do you want to invest? Are you prepared to invest in more risky areas that may pay more‚ but could equally lose you money?

What are my options?

Your options may include some of the following:

• Tax-efficient ISAs
  An ISA is a type of savings product that is exempt from tax‚ and depending on the type‚ you can open several ISAs and pay a maximum of £7‚000 total per year. You don’t pay personal tax on interest‚ and you can choose low or higher-risk products. Higher-risk investments could lose you money.
• Funds
  A professional Fund Manager will invest in the stock market on many investors’ behalf and aims to make the fund value‚ and your investment grow. Compared to playing the stock market yourself‚ it’s a slightly less risky way to invest that offers potentially greater returns.You will need to pay management fees‚ and fund values can fall as well as rise.
• Bonds
  Give you more flexibility over how your money is spread across investments‚ and offer potentially greater benefits than funds – but you’ll often have to invest at least £5‚000 and for 5 years minimum.Your Co-operative Independent Financial Adviser can discuss the right investments for your needs.

How to book

• To book a place at a seminar or to make an appointment for Independent Financial Advice call 0845 685 1077. (Please quote ref: ALL 721)
  
  Lines are open 8am - 7pm 7 days a week
  
• Visit your local trading Age Concern
  

Age Concern Enterprises Limited is authorised and regulated by the Financial Services Authority registered in England and Wales No.3156159. Registerd Office: Astral House‚ 1268 London Road‚ SW16 4ER.

The Co-operative Independent Financial Advisers is a brand name of Co-operative Bank Financial Advisers Ltd. Authorised and regulated by the Financial Services Authority. Registered Office: PO Box 101‚ 1 Balloon Street‚ Manchester M60 4EP‚ England. Registered Number 718903. A subsidiary company of The Co-operative Bank plc.

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