It’s always a good idea to save money for emergencies but what about the high-end things you want later in life? You may want to save for a college fund for the children or retirement. Putting money in a savings account won’t give you much of a return, however. There are many investments in the UK that can grow your money for you and turn it into real wealth.

Unit trusts have the advantage of reduced risks. The pool your money with that of others and distribute the funds over a wide range of investment products. Professional managers oversee the trust and invest your money and others’ in the most profitable or stable products. The income you receive from your investments is taxed and there are some maintenance charges.

Investment trusts are like a central warehouse. A company collects shares in other companies that they buy and sell to people like you. You are a shareholder in this warehouse with its entire inventory and will lose or gain money depending on how the products do. You are invested in many companies so while some may lose value, others gain. This method is much safer than concentrating your money in just a few niche markets.

You may want to look at investment bonds, which are whole life policies that you can buy outright for a lump sum. The money is used to buy shares in one or more funds of varied risk factors. You are allowed to draw out 5% each year for twenty years and defer taxes until you cash out. However, if you do this you may not have any principle left when the bond is due to be repaid.

Other investments in the UK include OEICs, or Open Ended Investment Companies. Share portfolios are created as investors buy them and when they are cashed in they are cancelled. Thus, you’ll not find a single investment that is consistently held by the OEIC. Your investment grows or suffers losses depending on how the shares do on the market.

Endowments policies are an investment for a certain period of time, usually a minimum of 10 years. You will receive a tax free payout at maturity. You can sell it in the traded endowment market before the end of the term but you may pay financial penalties.

Also among the available investments in the UK are annuities. These are similar to investment bonds in that you buy them for a lump sum but from an insurance company. The insurance company pays you an income in exchange for that lump sum. If you live past the maturity period you get anything left in the fund returned to you with interest.

Then you have ISAs, accounts in which you can invest a certain amount per year, much like a savings account. The interest rates are better than savings accounts, though, and you can invest in a cash ISA or a stocks and shares ISA.

There are many kinds of investments in the UK and you’re sure to find one or two that suit your needs and goals.