If you’re looking to make your money work harder for you, it’s wise to consider all of your options to ensure that you are getting the most out of your current capital. To start off, it’s important to put your money in the right places and make sure that you’re not missing out on ways to easily grow your savings.

Get the best banking rates

A number of banks offer incentives for using their services, including better rates for new customers for limited times. It’s also important to remember that remaining with the same bank for a prolonged amount of time can result in missing out on monetary rewards.

So switching banking supplier is one of the easiest ways of getting the best deals from bank accounts, as loyalty is rarely rewarded. Anna Bowes, director at savingschampion.co.uk, warns that a saver with £50,000 in an easy-access savings account could be losing out on £8,000 a year by placing their money in a poor-paying account.”

Utilise cash back opportunities

You should ensure that your savings strategy includes taking advantage of cashback, often available on spending on everyday items but also through moving savings.

There are numerous ways to effectively be paid to spend on items such as clothes, food, and bills as well as receive a reward for simply moving sizable capital to a new account.

For example, Santander 123 high street bank account pays 1% cashback on water bills and council tax. It pays the same on Santander mortgage payments up to £1,000, 2% on energy bills, and 3% on mobile, home phone, broadband and TV packages. Similarly, RBS and NatWest have a cashback scheme for existing and new current account customers that pays 1p for every £1 spent on a debit card.

Additionally, there are numerous cashback websites, that work by giving you a cut of the commission they receive when you buy something from online retailers such as Amazon and Tesco, via their affiliated sites.

Consider a piggy bank for young savers

From a young age, we are often encouraged to save the pennies to look after the pounds. This still rings true now and is the ideal way to encourage children or young adults to start saving early on.

If they want to save for something in particular or simply want to have more money for a later date, dig out the old piggy bank and put it back in use.

If they manage to put just £5 in it a week, they will come out with £260 at the end of the year. Although piggy banks are a great way to save the extra change, you could also encourage them to get more for their money, by putting larger amounts into high-interest savings accounts.

Identify your money goals

A great way to strategize how to make your money go further is to initially define your goals. Through doing this, you can begin to be realistic in how to achieve it and formulate the best way to reach these goals.

For example, if you are looking to achieve quicker and higher returns on your money, and are willing to accept a certain degree of risk associated with your investment, then investing via a P2P lending platform may be a great option for you.

Invest your money

When you reach a point where you can safely release some capital to invest, then it is wise to consider areas where you can invest this. Diversifying a portfolio includes spreading your capital across a variety of investments. This could include traditional investments, which are often affected by the rise and fall of the stock markets, and p2p lending which is not susceptible to changes in the economy.

Consider P2P lending

P2P lending offers investors the opportunity to provide borrowers with the capital they require for business expansion, to purchase inventory or to finance other business related expenses. P2P lending is often secured against assets such as property and offers borrowers a way of acquiring alternative funding when traditional bank loan applications are denied. There is a degree of associated risk with p2p lending, which often comes hand-in-hand with a considerably higher ROI. Figures compiled by P2P Finance Association and ALTFI, show that returns have been around the 6% APR mark, with all of Huddle’s past loans delivering at least 12% APR to investors, on the platform.

If you want to learn more about peer to peer lending, then read more on our blog and check out our FAQs. Sign-up to our p2p lending platform to view our latest loans and investment opportunities and receive all of our latest news and updates.

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