Deposit accounts at Arbuthnot Latham
Deposit accounts can help you make the most of your cash and form a key part of your overall financial plan.
What is the best deposit account for you?
Depending on your circumstances, we often find spreading your capital across different types of accounts might give you the balance you need.
Instant access savings accounts offer increased flexibility, while fixed term deposit accounts can provide more attractive interest rates and come with the security of a fixed interest rate for the term of the account. Saving regularly means you can save little and often with different options at maturity.
Offering a high degree of flexibility, you can dip into this account whenever you need to. Great for regular spending, it can work in tandem with your current account to ensure you maintain a healthy and accessible balance.
Notice accounts typically offer higher interest rates than instant access savings accounts, with more flexibility than a fixed term deposit account. A notice account allows you to access your savings after a notice period which you will be advised of in advance of opening a notice account.
Fixed term deposit accounts offer an agreed interest rate over specified term. This option works well if you are looking to save a lump sum for a fixed period, typically between six months and two years. You know from the outset how much interest you’ll earn and when you will receive it. You cannot access your savings during the term of thefixed term deposit, but there are different options available to you on maturity.
When a fixed term deposit account matures, there are several options available to you, depending on the type of account maturing, the amount of money you have maturing, and most importantly your plans for your capital. You may choose to leave your money in an instant access savings account, or choose to reinvest into another fixed term deposit account.
On maturity, your capital and interest will be paid into your nominated account at Arbuthnot Latham. Here are some of the options available to you:
- Seek financial advice. If you have a large lump sum and you have a long-term horizon, you might benefit from meeting with a qualified chartered wealth planner, who can help you map out your finances over a period of time, taking into consideration tax-efficient savings, investments, and other financial solutions.
- Reinvest into another deposit account. Should you want to benefit from a fixed rate of interest, you can chose to move the savings to a new fixed term account. If you are looking to spread your savings, you might want to speak to your banker about laddering your deposits.
- If you want additional flexibility, or to spend your money straight away, you can keep it in an instant access savings account.
How much should you have in savings?
Different people will need different amounts depending on their life stage and lifestyle needs. There are a number of cash flow models designed to help people with everything from managing debt to saving for retirement.
Paul Clifton, Senior Wealth Planner says:
“Many people are hard-wired to save a third of their income. But it is not often so simple. You need different access to your capital at different stages in your life. Much of this will depend on your lifestyle choices and what you are saving for, as well as what sort of return you are looking for over what sort of timeframe.”
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