Deposit accounts are ideal for ‘Rainy day’ funds and short term savings. However, banks and other institutions offering deposits, are currently paying all time low interest rates. So, when looking at your medium or long term financial goals, there are alternatives to consider in order to make your money work harder for you.
For long term savings and investments, it can make sense to put your money into funds which invest in a diversified range of real assets such as shares, property, commodities and bonds. By investing in these assets, it can mean that you get a better return over the long term than if you save into a deposit account. Through our agencies with the main financial product providers in the Irish market, HerMoney can offer you access to a large range of these funds. If you are not comfortable with investing in higher risk investments there are also a wide range of lower risk options.
We will assess your savings and investment goals as well as how you feel about taking risk, and then advise on what options best suit you.
Savings Plans are a great way to provide for longer term financial goals. Examples of these could be saving for your children’s education, or future house renovations or putting money away for children/grandchildren to avail of the Annual Gift Exemption.
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Investments Bonds are a method of investing a lump sum amount of money over the medium to long term in order to achieve potentially higher returns than deposits. Examples of these could be money that you have built up on deposit and do not need in the short term, inheritance monies or the lump sum you receive from your pension fund on retirement. It is also possible to take an income from these investments if it is required.
Corporate Savings and Investments Long term savings and investments products are also suitable for company monies if your company would like to achieve potentially more growth than bank deposits and it has the capacity to take on some risk. There may be some long term savings goals for the company for example, future expansion plans or buying new premises. Alternatively, there may be some monies sitting in the company bank account that is not going to be required in the short term.
Warning: Past performance is not a reliable guide to future performance
Warning: The value of your investment may go down as well as up