Speaking of the options available, he said: “There are many different options for savings accounts.
“However, you should consider your savings goals before you choose a savings product. For short-term savings, you might want a savings account where your money is easily accessible, such as an Instant Access savings account or a Cash ISA.
“If you’re thinking more long-term, such as saving for retirement or a major life purchase such as a home, an Investment ISA is a good option.
“If you’re unsure about how to go about your savings, it’s a good idea to consult a financial advisor before you make any decisions.”