You’ve done it! You’ve come on board with Switchd, and that means you’re on course to save an average £400 a year. Great choice.
But now it’s time for the best bit – what will you do with those lovely savings? It’s money that you might well have lost simply by overpaying for energy. So having clawed it back from the brink, it’s nice to think it has a chance to do something good for you – and even for the world. Here are some options for making that reclaimed cash go further.
1. Put them into a savings account or invest them
There are two broad ways of seeking to grow your money. Either put them into a savings account, being sure to shop around for the best rate you can get, or invest them. Investing can be quite complicated if you try to choose what to invest in yourself. There are lots of different things you can invest in, like currencies, different stock markets around the world, and property. But these can be difficult to understand and expensive to buy into.
However, newer companies like Nutmeg have made it a lot easier to invest in a diversified portfolio with lots of different types of assets in it. They have an expert team of investment managers who keep a close eye on your portfolio and make sure it’s positioned to have the best possible chance of growing.
They have four different products you can invest in – a stocks and shares ISA, a general investment account, a personal pension and a Lifetime ISA (for 18-39s only). An account takes about 10 minutes to set up, because just like Switchd, Nutmeg is keen to keep things simple and help you avoid admin.
Nutmeg is offering Switchd customers 12 months’ no Nutmeg management fees. Find out more on the Nutmeg website.
2. Invest in a socially responsible or ethical way
If you do consider going down the investing route, it’s worth making sure you know exactly what you’re investing in and the impact those companies are having on the world. As more people are looking into this area, there’s much more information becoming available to investors who want to make smart decisions and make sure their money is put to good use.
Using Nutmeg as an example, you can see your social responsibility scores – covering things like carbon emissions and water stress – in your dashboard at any time. And Nutmeg also offers portfolios that are specifically designed with social responsibility in mind, so you always know you’re investing in line with your values.
3. Donate to charity
There are lots of really important charities out there doing great work. If you feel like doing a good deed, you might want to consider giving some or all of your savings to support them.
Whatever you decide to do, we hope you enjoy your Switchd savings! We’re here to keep you on the best energy deal, so you don’t ever have to worry about them again.
As with all investing, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax treatments apply and depend on your individual circumstances and may be subject to change in the future. If you’re unsure if an ISA is right for you or you need help with pensions, please seek financial advice.