With interest rates rising, you should make sure you're getting the most out of your money. Check out our savings account guide for some practical tips.

Savings Account Vs. Gold: Which One Should You Choose?

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2022 was a turbulent year, dominated by geopolitical tensions and global economic turmoil. Moreover, 

, falling purchasing power, and rising energy costs.

 in these uncertain times? Is it still safe to trust banks? Is there an alternative to traditional savings accounts? 

Let’s take a look at the most accessible and reliable saving solutions.💰

What is a savings account, and how does it work?

a man using a calculator to calculate his savings in a savings account

Unlike current accounts, where you keep your money for day-to-day expenses, savings accounts are long-term, interest-bearing deposit accounts held at a bank or other financial institution.

One of the biggest benefits of a savings account is that you can earn interest on money held in your savings account. Depending on the type of account you have, you should be able to access your money relatively easily. 

However, you should know that interest rates on savings accounts 

 - even if they can sometimes be revalued. In some countries, they never exceed a tiny 1%, which is not really helpful when taking inflation into account…

 with a rate of 7%, but you will need to open a First Direct 1st current account to qualify for one.

Savings accounts: a popular choice for savers 

Savings accounts are one of the most popular saving solutions in Europe. For example, 

 of French households keep their savings in the so-called “Livret A” accounts. But what makes it so popular?

: you can see how much money you have, it's available almost immediately, and it's safe.

Another positive thing about savings accounts is their

. In the U.K., most banks require a minimum deposit to open a savings account, usually between £50 and £1,000. But many accounts can be opened with just £1.

Savings accounts and inflation: a good deal?

a cartoon man catching a cart full of products with a white arrow and green balloon rising up

Doubts, worries, insecurity: these are the words that describe how most of us have been feeling over the past few years.

 in Europe, which was passed in 2022, was enough to shake things up.

Are £10 worth the same in 2023 as they were in 2003? Certainly not.

With the cost of living mostly going up over the past 20 years, your £10 can probably buy you fewer things today.

Imagine putting £1,500 into a savings account in 2003 and not touching it for 20 years. Is the amount going to be the same in 2023? Apparently, not. With consumer prices going up, 

To avoid losing money, your savings account interest rate should match inflation. But does it really work like that?

The good news is that interest rates are changing to reflect economic reality. For example, France's Livret A savings account has risen to 

 - and is expected to hit 3% in February 2023. The Swiss savings account interest rate is lower, at 

a cartoon man with a suitcase looking at charts

Keeping your savings safe is all about planning, balance, and calculation. 

It's the same rule for investments and savings: don't put all your eggs in one basket! The goal is always the same: 

Even though savings accounts are one of the most popular choices, other options can be just as good... or sometimes even better.🙂 For example, real estate or gold and precious metals.

. The central bank demand for gold exploded in 2022, reaching its highest level in 55 years!

Due to its scarcity, gold has intrinsic value. That means gold won't lose value over time, and maybe even appreciate, unlike money you keep in your savings account.

The gold price usually goes up in times of crisis

As with any other asset, the price of gold fluctuates based on certain market conditions, but it tends to appreciate in the long run. That’s why governments and central banks buy gold to protect themselves in times of crisis and inflation.

For example, when the war in Ukraine broke out in early 2022, gold reached an all-time high, rising to 

The price of gold tends to rise over the long run

As we’ve already mentioned, savings accounts 

. The most common interest rates are between 0.5% and 3% per year, while 

the price of gold has been steadily rising

 for 20 years, reaching impressive peaks in times of crisis.

 into a savings account in 2002, you would have earned around 

 in 2022, taking into account interest rate fluctuations.

If, on the other hand, you chose to invest these 

 in gold in the same year, your gold investment would have earned you... more than 

Obviously, 2022 was a good year for physical gold investors, who enjoyed a significant price increase in March. But it's still important to know when to sell your gold. 

To learn more about gold investment and savings, don't forget to subscribe to our newsletter below. ⬇️

Gold offers several powerful advantages as a store of value. Discover why more and more investors are turning to this precious metal.

What are the advantages of gold compared to other investments?

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Good thing central banks can't print gold. 😉

21.9% Annual Inflation... and Counting

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#Silversqueeze 2.0?                         

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#silversqueeze

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Country-specific guides to understand gold as an investment in 2021 from the World Gold Council.

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