Santander’s UK branch has added a free savings and investment calculator to its website to help customers compare the potential returns on their money.
The calculator asks users how much money they want to set aside and for how long, to create a graph showing the difference in potential return between cash savings and investments.
Research by Santander shows that more than a quarter of people want to improve their financial literacy in the wake of the pandemic. And with Bank of England data showing the foreclosure continues to drive up consumer deposits, people looking to invest money in an ISA will be looking at their options.
However, the Santander study shows that one in ten people think investing is only for financial experts, while others think it is exclusively for those who know which stocks to choose for themselves.
Alexia Kilby, Head of Savings and Investments, Santander UK, said: “Our innovative savings and investment calculator will help people be better informed about their options, improve their understanding of investments and help them decide which next step is right for them. . “