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SAVINGS & INVESTMENTS
Most of us have some form of savings in place.
These can be for a specific purpose, like paying for your children’s education or saving for a deposit on a house or home improvements. You may just want to build up a rainy day fund to deal with unexpected costs or you may have a lump sum you want to put away for the future. The uncertainty caused by the financial crash has resulted in many leaving their cash on deposit earning very little or no returns. On the other hand, many of those who did invest in equities have seen double-digit annual growth over the same period. Investments can be complex but getting the right product for you can make a significant difference to your outcome, especially for longer term savings and investments. We can help you understand the products and guide you through the options available to you, helping you choose those that will best meet your needs.
Deciding where is best to invest is important but it is equally important to review the performance of your savings and investments on a regular basis. So whether you are looking for the best deposit rates available, building a savings fund or have a lump sum to invest we can provide the expert advice you need. These include:
- Deposit accounts with all the major banks
- Regular savings accounts. Fixed term deposit accounts generally offer fixed interest rates which are higher than regular savings accounts. However, currently interest rates are at historic lows and there may be better value in longer term savings plans.
- Investment funds. A fund pools investors’ money together and uses it to purchase a mix of investments selected by the fund manager. Funds vary by what they invest in, be it shares in various markets, commercial property, government bonds etc. They also vary in terms of the aim of the fund aims and its risk profile. When you invest in a fund, you are also investing in the fund manager’s opinion, research and expertise, as well as the strength of the fund he or she manages.
- Longer term savings plans. These are available from life insurance companies and accumulate a lump sum over the longer term from regular monthly savings. They typically invest in investment funds as described above and are usually recommended for a minimum period of five years.
- Tracker or guaranteed investment bonds with capital security. These bonds typically lock up a lump sum for a period of around five years. At the term you are usually guaranteed to get back at least a high percentage of what you invested, together with a bonus related to the growth, if any, in specific multinational shares or specific stock market indices. If there is no growth then generally there is no bonus.
- Property Investments. Including directly sourcing and purchasing commercial property on your behalf. The Irish property market is on the up and there is still good value out there particularly for cash buyers.
Factors to consider when choosing a savings and investment product
- What is the recommended minimum term for the product? Some products are best suited as short-term investments while others need a longer term view. We can help you decide which products best suit your needs.
- What access, if any, will you have to your money? Some products do not allow access during the term whilst others offer immediate access. Always check whether charges will be applied for early access.
- What is the investment risk? This is the risk that you will lose some or all of your investment. Some products guarantee return of the full amount invested but most don’t. We can help you assess your attitude to risk and to select appropriate products.
- Is the product geared towards providing an income or capital growth? Some products are designed to provide an income along the way – others are aimed solely at capital growth.
- How will your returns be taxed? How and when tax will be applied depends on the type of product, for example: deposit interest may be subject to Deposit Interest Retention Tax (DIRT) in the year the interest is credited to the account while gains from an investment policy may be subject to an “Exit Tax” deduction on maturity.
Warning: If you invest in any of these products you may lose some or all of the money you invest.
Why Choose MLMG?
Our independent financial advisors can guide you through cash deposits and the alternatives, including investment funds, longer-term savings plans, tracker or guaranteed investment bonds with capital security and property investments, including directly sourcing and purchasing commercial property to provide a rental income. We are not tied to any particular provider and with over 60 years’ of combined experience in investment markets, you can trust in our expert, impartial advice. Talk to us today about your savings and investment options.