Deposit Savings Benefits:
- Deposit saving rates are currently very low and may not keep up with rising inflation rates over a term of 5 years or more.
- Funds are secure and usually offer a fixed interest rate if invested for a fixed period.
- Suitable for short-term savings where access is required in the foreseeable future.
- No additional charges apply apart from standard bank fees.
Long-Term Savings Plan Benefits:
- Aims to deliver a return in excess of deposit rates by investing in alternative assets such as equities and bonds relative to the client’s risk exposure.
- Value of funds can fluctuate, and there is no guarantee on the capital invested.
- Suitable for those with savings goals to achieve over the long term of 5 years or more.
- Potential to grow the savings invested over the long term.
- Plan management charges and sometimes additional fund management charges apply to savings plans.
Suitable Situations for Deposit Savings:
- Investors who are risk-averse and have short-term goals.
- Vulnerable clients who prefer security and stability.
- Suitable Situations for Long-Term Savings:
- Individuals with long-term savings goals such as children’s education, house deposits, or home renovations.
- Those willing to take some investment risk for potentially higher returns.
Ezfees Financial – Mortgage & Life Broker Options
At Ezfees Financial, we prioritize helping you achieve your financial goals. Whether it’s deposit savings or long-term savings, our dedicated advisors provide easy-to-understand financial advice tailored to your unique needs and goals. Contact us today at 0818 910800 or email your query to info@ezfeesfinancial.ie for guidance, advice, and peace of mind.
