Review your savings and investments

Each year, check how your savings and investments are growing and decide if you need to make changes. Depending on your investments, you may need to review your savings more than once a year. Follow our key steps to make this happen and set up email alerts to make sure it becomes a habit.

Why?

Cheaper and better rates and deals come onto the market all the time.

If you don’t review your savings and investments regularly you stand to lose money.

In fact, many banks, building societies and product providers rely on you doing nothing!

A regular review will also help you save tax, check that you’re on track to meet your goals and even reach your goals sooner.

When?

  • Set a regular review date, at least once a year that allows enough time to make the most of your tax allowances – go for at least two months before the end of the tax year, but ideally sooner.
  • For fixed term products (e.g. notice accounts, fixed term bonds, etc.) set up separate email reminders to check what else is on offer in the month before the lock-in runs out.
  • And if something unexpected happens – like receiving a windfall, not being able to work or a sharp change in interest rates or the stock markets – carry out a review then too.

Set up review dates for your savings, including an annual check and reminders before fixed term products end.

How?

Step 1 – Take stock of your current finances

Are you saving and paying off debt as you planned? Have your circumstances changed?

Follow the link below to complete our money fact find.

This will give you a clear picture of where your finances currently stand and help you decide how you need to adjust your savings and investments in the coming year.

Read our guide to Complete a money fact find

Step 2 – Check performance of your current investments

Follow the link below to find out how to check whether your current savings and investments are measuring up against the competition.

It also shows you how to check if your cash savings are keeping up with inflation.

You’ll need to have your savings and investment statements to hand.

Step 3 – Check you’re being tax efficient

Find out about how you can be tax-efficient by following the link below.

Step 4 – Decide what changes to make

Now you have a clear picture of where you currently stand and what’s on offer, plan and put your changes into practice using the links below to help you. Remember to check for any additional charges.

These changes might include:

  • Moving accounts to get better deals or to take advantage of tax-efficient products
  • Making the most of your Capital Gains Tax allowance if selling shares or property
  • Changing the balance between the different types of investments you hold to spread the risk (cash, shares, property, etc)

Comparison websites are a good starting point for anyone trying to find a savings account tailored to their needs.

We recommend the following websites for comparing savings accounts:

Remember:

  • Comparison websites won’t all give you the same results, so make sure you use more than one site before making a decision.
  • It is also important to do some research into the type of product and features you need before making a purchase or changing supplier.
  • Find out more in our Guide to comparison sites}.

Follow the links below for more information:

Do you need financial advice?

If the changes you need to make are complex, follow the link below to help decide if you’d benefit from getting financial advice.

This article is provided by the Money Advice Service.

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