Open a savings account: People considering alternative investments

Many people are looking at the alternatives to opening a savings account, as a way to maximise their financial gains, an expert has said.
Jason Butler, partner at Bloomsbury Financial Planning, said that the current low-return savings market means that people looking to put money aside are becoming more open to other ways to invest.

However, Mr Butler warned that alternative investments may not always be appropriate for everyone's financial circumstances.

He explained: "The current low return environment is making people review how their money is working for them ... [but] savers will be attracted to alternative investments which are not suitable and do not provide the same security of capital as a deposit account."

Research released by Halifax this week has suggested that the average cash balance in a UK Isa is £7,782, with around a third of all UK earnings being placed in the tax-free savings accounts.