The Importance of Savings During UK’s Savings Week
This week, 26th – 2nd October, is UK Savings Week. Set up by The Building Societies Association (BSA) #uksavingsweek aims to help everyone find their ideal way to save, with hints and tips for making the most of your money. Dr Emma Black, Co-Founder and CEO of Cascade Cash Management, talks here about the importance of savings options, not just for this week, but all year round.
“At Cascade, our aim is to help people reach their saving goals faster, smarter and happier by making savings simple. As a team, our purpose is to change lives via our independent and transparent service created to help people reach their financial goals.
“With Bank of England base rates climbing that is of course good news for savers, and within our portal, there are over 5000 products from over 200 providers to choose from on any given day, offering the most competitive returns.
“As well as generating enhanced cash returns our intuitive online portal offers peace of mind with every single bank and building society included. This means savers can obtain the maximum protection possible on their hard-earned cash under the Financial Services Compensation Scheme through spreading cash across multiple banking licences via professional cash management.
“But why should people of all savings levels be thinking about their cash right now? Why is it important? Well, as we write the country is enduring a cost-of-living crisis. Prices are increasing daily on everyday necessities such as energy, transport and food. With this in mind, our cash needs to work as hard as possible, so we can get more out of it.
“We are all so aware of how to be careful with spending, but so few of us are careful with how we make the cash we do have work as hard as it can. Research has shown that savers are losing thousands a year by leaving their money lazy in a current account. At Cascade our team of experts take care of the hassle for you. In fact we have just released our Rapid savings service option, of which we will be sharing more on shortly.
“According to the Bank of England there is over £1trillion in easy access low interest accounts, not earning the returns they could be. It seems almost criminal that so much interest is being missed out on, especially as the rates continue to climb. Compared to the 0.18% that many easy access accounts offer, our highest interest rates are currently sitting around 2.10% for easy access or 4.41% for time restricted accounts, meaning cash could be earning up to 25 times more than it currently is.
“And those kinds of offers aren’t restricted to higher value deposits. Savers of all shapes and sizes can benefit massively from our support, and we place no restriction on doing so. We are here to help people reach their savings goals be that a first car purchase, saving for a deposit for a first house, or dreaming about that perfect holiday!
“We all work hard for our money here in the UK, so as a team we are passionate about delivering the best possible outcomes for people, administering funds of behalf of clients providing direct and independent access to providers to the tune of over £1bn so far. That’s from a mixture of personal money, charitable funds and business cash reserves to name but a few.
“Partners, of which we have more than 3000 across the UK, include IFA’s, solicitors, attorneys and accountants – they work closely with us, ensuring their clients get the best possible service from them too.
“If this has piqued your interest, why not ask your IFA if they can help you #CascadeIt, visit on www.cascade.co.uk or call 0191 481 3777 to get in touch direct. We’d love to help you get to where you want to be!!”