Currently, deposit rates are extremely low, but there are options available to you that can get your money working hard for you. It may be time to start a longer-term plan for your savings. Long-term saving typically involves some element of risk, however over the long term they are more likely to give a better return than a simple savings account. There are many different types of savings and investment products on the market, each with varying levels of risk and return. Here are two of the main types of savings and investment products:

 1. Fixed-term deposits: these deposit accounts are typically for a set period of time at a fixed rate of interest that would be generally higher than interest rates offered for regular savings accounts. By saving your money in one of these accounts you understand that you cannot access your money during the fixed term. Deposit accounts are low in risk but on the flip side they tend to produce low returns over the longer term.

2. Long term savings plans: these plans are available from a life insurance company. They accumulate a capital sum over the longer term from regular monthly savings. The recommended minimum term for plans like these is five years and your savings are typically invested in tracker bonds, investment funds and fixed term deposits.

Philip Farrelly & Co. Financial Services Ltd t/a Farrelly Financial is regulated by the Central Bank of Ireland, 2 Kennedy Road, Navan, Co. Meath.

Registered in Ireland No. 300744. Directors are Philip Farrelly and Philip B. Farrelly.

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