The Irish are known as some of the best savers in the world, so take a moment to give yourself a pat on the back.

It’s no mean feat to achieve regular savings, especially with across-the-board hikes in the cost of living.

That’s why it’s so important to make sure the savings you make are working for you and helping you to achieve your goals.

Whether you’re saving for a new car, home renovations or even your children’s college education, letting your savings rest in a general bank account is probably one of the worst savings decisions you can make.

According to new data from the Central Bank, Irish banks now hold more than €10.2bn more on deposit from ordinary households than is loaned to the economy, making it the lowest loan-to-deposit ratio on record.

This imbalance causes problems for banks in the same way too much lending can leave a bank exposed.

As a result, savings interest rates remain some of the lowest in history with bank fees and charges adding further insult to injury.

So what’s a saver to do?

Whether you are concerned about the cost of a college education for your child (and you have every right to be according to the costs of a third level education), planning a once-in-a-lifetime round-the-world vacation or even saving for your son or daughter’s wedding, there are a range of savings options available that can return a higher rate than the average bank account.

Successful savings plans rely on the saver being committed to regular savings (and as some of the best savers in the world, we know all about that!).

They also rely on the saver to start their savings plan on time, understanding their investment risk, choosing the right investment and securing the right plan and price for their goals right from the very start.

Investments are also a strong option for people with a lump sum to invest. While generally designed for longer-term goals, investment options can be tailored to suit your goal and your preferred level of risk.

Typically strong investments will outperform cash deposits in the long term, making them a viable option for good savers.

The best way to achieve a savings plan tailored to your needs is to speak with a qualified financial advisor. Why not get in touch with a member of our team today? The sooner you start the earlier you’ll reach that savings goal! Click here to contact us.