Save for a big purchase or rainy day | Zurich

Save for a big purchase or rainy day

Looking to save for the short term (5 years or less) for some 'rainy day' money for when the roof needs fixing or you want a cushion to fall back on if you lost your income? Or perhaps you just want to put some money aside for a big event, such as a new car or a holiday.

Whatever the reason, you will want to make sure it's easy to get hold of your money and to reduce the risk of losing it.

Classic car polish

Think about saving if...

  • You have a short term goal in mind - for example, saving for a wedding or a holiday.

  • You want to build up a pot of money for an emergency - such as, covering a temporary loss of income or for house repairs.

  • You need access to all or part of your money.

On the downside

Inflation

While cash held in savings is generally secure, the impact of inflation will reduce the buying power of your money over time - unless growth you receive through interest is higher than the rate of inflation.

Where could you save?

You can put your cash in a bank or building society deposit account. However, a cash ISA could be a good alternative to a savings account because you save completely tax-free - you won't have to pay any income tax on the interest you earn.

woman sleeping on sofa

With a Zurich Cash ISA you can

Things to think about

Can you afford to save?

We all need a bit of 'rainy day' money to cope financially with the unexpected but if you have debts or urgent demands on your pocket, you should consider dealing with these before you start saving.

You can find information about taking control of debt and get free debt advice from the Money Advice Service.


[Zurich is not responsible to for the content of external websites]

Should you be investing for longer?

Perhaps you want to save for a big event, such as a wedding, and you can put your money away for more than five years or you may want to invest long term for a comfortable retirement.

You'll need to decide whether you save your money where it is more secure, or you try to achieve greater growth by investing in assets but with that comes risk - your investment could  fall in value, meaning your money is at risk.

The way you feel about taking risk with your money will help you decide.

Take a look at our investment products to find out more.

Compare our saving and investment plans

Get a snapshot of the features available on our savings and investment plans

All of these products are only available through a financial adviser.

​Features Zurich Cash ISA Zurich Stocks and Shares ISA Zurich Investment Account Sterling Investment Bond
  Plan details Plan details Plan details Plan details
Suitable for short term savings
(less than five years)
Yes No No No
Suitable for medium to long term investment
(at least five years)
No Yes Yes Yes
Gives access to your money  Yes Yes Yes Yes
No yearly limits on amounts you pay in No No Yes Yes
Offers the choice to invest in different asset types No Yes  Yes  Yes
No income or capital gains tax applied to growth Yes Yes No No
No tax applied to income Yes Yes No No
Available through Zurich Portfolio Yes Yes Yes No
Zurich Investment Life Cover available
(accessed through Zurich Portfolio)
No Yes Yes No

Find out more about the Zurich Portfolio and Zurich Investment Life Cover.

Tax information is based on 2015/16 tax rules which may change in the future and depends on your individual circumstances.

Find a financial adviser

We can't give you advice but we can help you find a financial adviser and give you some hints on how to prepare for your first visit.

 

Unbiased Logo

If you don't currently have a financial adviser, you can find one near you at: unbiased.co.uk

[Zurich is not responsible for the content of external websites]

 

Or you can read reviews of financial advisers at: vouchedfor.co.uk

[Zurich is not responsible for the content of external websites]