The Savings and Investments calculator is now live on the website, and it can be used to see how money could perform in both savings and investment. The calculator asks the user how much money they want to put aside, and how long for.
Santander uses the current interest rate on Santander’s 123 world eISA (0.1 percent as of March 15, 2021) to calculate the savings growth aspect of the results.
Calculator users can then explore their options.
It comes as research carried out by Santander found more than a quarter of people (28 percent) want to improve their financial know-how as a result of the pandemic.
The new tax year is approaching, and with Bank of England data showing the lockdown continues to drive increases in consumer deposits – with an £18.5billion increase in January 2021 – consumers looking to put money into an ISA will no doubt be reviewing their options.
However, research by Santander has found people who have never invested before are feeling put off.
The survey found one in 10 believe it is just for those who are experts in finance, while others believe investing is exclusively for those who know which stocks and shares they should pick.
Alexia Kilby, Head of Savings and Investments at Santander UK, said: “With the new tax year approaching, and the change we’ve seen in consumer savings as a result of the pandemic, people looking to put money aside will be thinking about how they can make their money, and their tax-free allowance, work harder for them.
“Our innovative Savings and Investments calculator will help people be more informed about their options, improve their understanding of investments and help them on the way to deciding the right next step for them.”
On March 5, Nationwide launched a new issue of its Triple Access Online ISA paying an increased rate.
The new rate of interest for this account is 0.4 percent AER/tax-free for 12 months.
Tom Riley, Director of Banking & Savings at Nationwide Building Society said: “Many savers will wait until the end of the tax-year to fully utilise their ISA allowance.
“We know many savers like to put their money away with a brand that they know and trust and our latest increase sees us offering one of the highest rates on the market from a major high-street provider.”