Putting money in a standard UK bank saving account or cash ISA will see your savings shrink, not grow.

How come? Well, typical bank interest rates are below the cost of inflation – the amount prices rise and affect how much it costs us to live.

Let’s say you’ve had £1,000 in a high street bank savings or cash ISA account for the past 10 years. The average inflation rate over that period is 2.6 % (May 2007 to May 2017). Even if your bank paid you 1% interest – and most pay even less than this – this means your £1,000 now has the buying power of around £850 – £150 less than it was worth when you tucked it away!

That’s the equivalent of around 76 cups of Costa coffee down the drain!

What’s the alternative? Ditching the bank options and switching to save in a ‘stocks and shares’ ISA can reap much better rewards – especially if you’re planning to build your savings for longer than 3 years. Stocks and shares tend to rise and fall in value depending on individual company performance and what’s happening in the world. This is one reason why people chose to save in ‘fund portfolios’’, a blend of different types of stocks and shares investments that mean risks are spread.

There are options for different types of stocks and shares ISA, depending on what your goals are for the savings and how much time you want to keep the money there. Using an online financial advice tool like the HL Financial Online Investment Builder, is a great way to find the right one for you.

Although you won’t have to speak to a financial adviser directly, your decision will be safeguarded by the fact it’s a product offered by an independent financial advice firm that is regulated by the Financial Conduct Authority (FCA). Some online companies offering access to this type of saving don’t offer you any protection that the product you choose is right for your circumstances.