Where Should I Put My Savings Money?
For many of us, our personal savings accounts are located in the US. We have heard that it is safest, as well as being among the most reliable investment choices available.
However, there are other countries where we should think about putting our money – or where we should diversify our investments to. And what countries can these be?
- The UK. The City of London is the center of the financial world, and you can certainly do quite a bit of investing here. The rates of interest in the UK are comparatively low, which is another plus. And since the City of London is located in England, this means that you are still within the English speaking part of the country, which can definitely offer you a pleasant flavor of local culture.
- Canada. Like the UK, there are many financial centers of the country that can offer you some nice returns as well. You can find Toronto at the top of the list. The country itself has a number of very interesting points to offer. It is very big, with lots of cities and places of interest all throughout. You will find a wide selection of stocks and other investments, and a wealth of different currencies to choose from.
- Switzerland. This may seem like a strange choice to those of us who live in the US. After all, isn’t Switzerland one of the countries that is notorious for hoarding paper and money? Well, not necessarily. Many foreigners have been known to keep their Swiss bank accounts, in order to avoid paying taxes to the government on their gains.
In addition to Switzerland, some of Europe’s more interesting locations to consider include Italy, Spain, and Greece. These have some of the most varied choices when it comes to where to invest. Each country has its own charm, and different histories to tell. As you can see, having your account in a certain country will give you access to a wide variety of investments.
- Mexico. Mexico is another very intriguing option. The country is emerging quickly from decades of economic hardship, and offers a great place for those looking for a high-paying business opportunity. There are a number of industries that are booming in the country, making it possible for you to make a nice return on your savings.
- England. You may have never considered England as a place to put your savings, but the people are very hard working and do not seem to be drained of energy. They also have some of the oldest buildings in Europe, which offer a great view. You can enjoy the scenery while protecting your investment in a wealthy city.
When considering where should I put my savings money, take some time to think about what each of these options can offer you. Even if you do not end up choosing one of them, it never hurts to explore the possibilities.
This will ensure that your money is safe and sound, no matter where you decide to put it. And after all, who doesn’t want to have steady income and a nice nest egg for the future?
The safest place to put your money is a high interest savings account such as the TSB (Traditional Savings) or the ICICI Bank (Internet Savings) in India.
Both offer extremely high interest with flexible terms, allowing you to benefit from the security and benefits of a savings account, without the need to rely on the stock market for your income. Internet savings accounts allow you to save through online banking, from the comfort of your own computer.
If you prefer physical paper checks, you will also find a number of high street banks offering high interest cheques, providing the means to save for a rainy day or invest without any headaches.
Some people feel that their money should be concentrated in one area, and ideally that area should be where they spend the majority of their income.
However, this can lead to a lack of regular income if that concentration is only on one aspect of your finances. This is why it is important to diversify and look at how all of your spending can be put together.
Put money into a savings account where you will receive regular income, but also look at investing in property where it will grow in value. Property can prove to be a very secure source of income through time, but only if it is not put in the name of your company.
Where should I put my savings money is a question that will arise at some point in your life, and knowing where to put your money can have a direct impact on your savings and investment return. You may have been put on a strict budget where spending has been limited to essential items.
Alternatively, you may have been offered a windfall inheritance and find you need a large amount of spare cash to help fund your immediate needs.
The best way to handle these situations is to think carefully about where your money should go first. If you do not have the time, or desire, to work out the answer yourself then a financial advisor will be happy to guide you in the right direction.