Total Reward is designed to meet your short, medium and long term planning needs.
But what do we mean by short, medium and long term?
Planning Period |
Timescale |
Addressed By |
Short Term |
Up to 5 years |
Salary, bonus and other benefits |
Medium Term |
5 to 10 years |
HBOS Share Plans |
Long Term |
Over 10 years |
HBOS pension scheme |
On top of this, HBOS' colleague products offer some great deals for you in terms of insurance, cheap loans and mortgages.
So what are your options when it comes to saving?
As we said, Total Reward is designed to meet your short, medium and long term plans and help you have a life while making plans for the future.
Saving for the Short Term
For access to your money at any time, you'll need fairly safe options with little risk such as high interest accounts or cash ISAs.
Saving for the Medium Term
You can usually get a better rate of interest if you're prepared to tie your money up for longer – say 5 to 10 years – additionally you can also afford to take a bit more risk as you'll have a longer period over which to make up any losses.
There are a number of options including National Savings, stocks and shares and ISAs. There's also HBOS Share Plans which attract fantastic tax and NI savings after only a minimum of 3 years in some cases and 5 years maximum – as well as taking advantage of any increase in the HBOS share price!
Saving for the Long Term
You've got more time to take risks and look at more adventurous investments such as stocks and shares. The HBOS GMPS is designed in such a way as to give you choice about your investments.
Additionally you might want to consider higher risk options such as Investment or Unit Trusts or even buying a property to rent out if you have the capital available.
Once you've worked out where your money is going and set out some goals of what you'd like your finances to be like in 5 years you need to assess the best place for your money.
more about financial planning
