Savings account may be focus for those who will miss social funds

New possible changes mean people with low and moderate need may not have help.

09:56 04 July 2013

New proposed legislation strives to ensure all areas have the same criteria for administering care options, but the new proposal is to begin the care at the category of substantial care. This means that many people who need a low or moderate level of care such as help with dressing, bathing, and home tasks would not receive funding.

Most of the councils currently base their care levels at the substantial level of care anyway, but it would not leave the possibility for people to relocate to other areas with the hopes of receiving care for low or moderate needs. At any rate it appears as though more costs will need to be provided by the individuals, so it would be a good time to establish a savings account.

• Interest rates—these are extremely important if you do not have a lot of time left to establish or grow your savings account. If you do not have a lot of time left before you will need to dip into your savings, choose a Cash ISA so you can get the most out of your funds. A Stocks and Shares ISA is a good option if you have a long time to save up for retirement.

 

• Fees—one of the best parts about Independent Savings Account types is that the growth you experience is typically free from taxes. This means your money goes a little but farther when you need to pay for special services.

 

• Long-term savings—due to the possibility of needing more funds in the long-term, it might be a good idea to establish both an Independent Savings Account as well as a regular savings account. Since there is an annual cap with Independent Savings Accounts, if you are really trying to save a lot for the future, you will want to have the regular savings account to earn at least a little bit of interest.