Fountain of savings

[Deleted User]

Would I be right in thinking the general fountain of where money should be saved (not invested) is something like the following:

1. ISA ->
2. Pension ->
3. Bond (fixed rate savings account) ->
4. Regular Savings account ->
5. High Interest Savings account

Have I missed anything off?

surreysaver

A pension is an investment, not savings.

[Deleted User]

True however a little more safe than stocks and shares and more accessable to the average guy who may not want to deal with the stock market.

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McSaver

Personally, I would place pension as number 1 rather than ISAs because a pension is a fund for your retirement that will be used as an income come your retirement. ISAs can be drawn from at anytime.

McSaver

Deleted_User wrote: »

Would I be right in thinking the general fountain of where money should be saved (not invested) is something like the following:

1. ISA ->
2. Pension ->
3. Bond (fixed rate savings account) ->
4. Regular Savings account ->
5. High Interest Savings account

Have I missed anything off?

6. Current Account. (money needed for immediate use or for paying bills etc.) get a few quid earnt in banks like HBOS, A&L or Lloyds TSB.

Meltdown_2

Surely the "fountain" article is about maximising interest earned.
Cash ISAs come near the top because of their tax-saving capabilities.
But not everyone is a tax-payer (for various reasons).
So even ISAs might not be best for everyone.
The article was intended to be a helpful introductory guide to various types of savings accounts. Deciding what is best for any individual is usually best left to that individual. (Some want their savings to be ethical, for example. Others only want internet-based accounts.)
If people want further help & advice on particular matters then that is what the forum is about. But it is ultimately their money and their choice.