If you want to get the most out of your money and have some spare cash to invest, you need to consider the methods available for saving and choose an option which will give you a decent return on your investment. There are many options available when it comes to investing, some are better than others and they will depend on what you are looking for in terms of a short or long term plan. You can choose from standard types of saving, such as ISA’s and bank accounts or online investment management, if you want to try an option which is a little different and has the potential for better returns. If you don’t know where to start when it comes to optimising your funds, this should help you find the best option to suit your circumstances.

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Bank Savings Accounts

 

You can choose to invest your cash in a standard bank savings account. There are many banks offering a range of different rates, so it is best to do a comparison first to ensure you choose the saving account which will give you the best returns. There are many comparison websites which will give you a list of the best savings accounts, based on your individual criteria, so it is well worth making use of these.

 

ISA

 

Another option for savers, which can be a more lucrative option for saving, is the ISA. The ISA comes with two options, the cash ISA or the stocks and shares ISA. You won’t pay tax on savings of up to £15,000,based on online free tax calculators, so you can make a good return with your investment with this type of savings account. There is also the option of a junior ISA, which is for young adults under the age of 18. It is a good way to start saving from an early age and to maximise returns for the future.

 

Credit Unions

 

If you are looking at longer term savings options, credit unions are an ideal choice. In most cases, you need to apply in writing to access your cash and this can often be too much hassle, which means you are more likely to keep your money in the account. Credit unions are for communities and you will find these in most locations. You can usually set up your account online, but you may need to visit the office with identification.

 

Online Investment Management

 

If you want to build an investment portfolio and have these monitored by the experts, in order to get the best returns for your money, online investment management is an option you should certainly consider, especially with exciting new startups emerging in the market to offer expert advice. An online investment management service such as the one provided by Nutmeg, can be used to ensure you invest at the best time, in order to maximise your investment. If you like the sound of investing but don’t have knowledge in it yourself, this is a good option. You won’t have to lift a finger yourself, the experts will get to work. You don’t have to invest much, only £1,000 is enough to kick start your investment portfolio.