PROMOTION Your cash savings.. . and their safety ven with bank rates at an all-time low, banks or SAFETY OF YOUR MONEY building societies remain the safest place to keep your cash in the short term. Keeping enough money easily accessible on deposit is a high priority for your financial security and one of the foundations of your The Financial Services Compensation Scheme (FSCS) provides you with a level of protection up to £85,000 worth of cash savings covered per individual, per financial institution. Here are four things to consider: 1. The FSCS only applies to funds that are saved within a financial institution with a banking aunthorisation (not all bank accounts, or even all banks, are covered). Find out which financial institution owns your bank. personal financial plan. Although you should be holding adequate reserves of cash, historically over longer periods of time the return on deposits struggle to keep pace with inflation. It's tempting to look at alternatives and whilst we believe that investment portfolios will likely deliver better long-term returns, this isn't a risk-free 2. If you have savings of E85,000 or more with two different banks who are owned by the same institution, with just one authorisation, you're only covered for a total of option. Moving funds from a very safe environment to one where capital is at risk needs to be considered carefully and as part of your longer term plan. That said, for money you are prepared to take a long term view on, with stock markets significantly lower than at the beginning of the year, this could be a good time to invest. L85,000. You can transfer the excess to an account with another bank or use National Savings and Investments which have 100% protection and are backed by the UK government. 3. You could set upa joint account with your partner which will essentially double your coverage to E170,000. 4. If you have offshore banking, remember that banks outside the UK may not be covered by the FSCS. Stuart Coombe 01392 351301 If you wish to discuss your individual cireumstances, contact our expert advisers, stuart.coombe@om.uk OLD M LL Financial experts, fuelling ambition Award winning Financial Planning, helping you to enjoy the finer things in life enquiries som.uk 01749 343366 om.uk/somerset 000 PROMOTION Your cash savings.. . and their safety ven with bank rates at an all-time low, banks or SAFETY OF YOUR MONEY building societies remain the safest place to keep your cash in the short term. Keeping enough money easily accessible on deposit is a high priority for your financial security and one of the foundations of your The Financial Services Compensation Scheme (FSCS) provides you with a level of protection up to £85,000 worth of cash savings covered per individual, per financial institution. Here are four things to consider: 1. The FSCS only applies to funds that are saved within a financial institution with a banking aunthorisation (not all bank accounts, or even all banks, are covered). Find out which financial institution owns your bank. personal financial plan. Although you should be holding adequate reserves of cash, historically over longer periods of time the return on deposits struggle to keep pace with inflation. It's tempting to look at alternatives and whilst we believe that investment portfolios will likely deliver better long-term returns, this isn't a risk-free 2. If you have savings of E85,000 or more with two different banks who are owned by the same institution, with just one authorisation, you're only covered for a total of option. Moving funds from a very safe environment to one where capital is at risk needs to be considered carefully and as part of your longer term plan. That said, for money you are prepared to take a long term view on, with stock markets significantly lower than at the beginning of the year, this could be a good time to invest. L85,000. You can transfer the excess to an account with another bank or use National Savings and Investments which have 100% protection and are backed by the UK government. 3. You could set upa joint account with your partner which will essentially double your coverage to E170,000. 4. If you have offshore banking, remember that banks outside the UK may not be covered by the FSCS. Stuart Coombe 01392 351301 If you wish to discuss your individual cireumstances, contact our expert advisers, stuart.coombe@om.uk OLD M LL Financial experts, fuelling ambition Award winning Financial Planning, helping you to enjoy the finer things in life enquiries som.uk 01749 343366 om.uk/somerset 000