Frugal Hints
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Would you say this is a good savings plan for my retirement?
I'm in my very early 20s and currently save around £450 per month, which goes straight off my wages into my savings account. My savings account pays me 5.80% gross per annum, which I believe is a pretty good rate. As I already own my home, can be a very frugal person at times and have no mortgage to pay, that money is put towards other things such as enjoying life with those that are special to me. My relationship manager at the bank states that if I was to stick with this savings account for next 30 years and continue to pay the same amount in every month I'd have around £615,000 by the time I'm 55 years old, would you say that I have a decent retirement plan? or is there any further hints or tips that you can give to me?
I'm very grateful for your help, thank you so much 
you really need to sit down with an in dependant financial adviser and sort this out as it is important to get it right.
For example ISA (cash) are known to be good for savings plans. some shares fund have excellent return rates over time (10 years etc) but most of all it is best (you will be told this) to have several means of savings available.
this way if a sudden legal or financial hiccup occurs you wont lose everything.
old saying 'never have all your eggs in one basket'.
If you look at recent banking problems such a the 'ROCK; building society. we can see how you are only insured for that banks losses up to ( I stand to be corrected here) £50,000 so effectively if you had saved all your proposed £615.000 with it and it went belly up? not much happiness only getting £50.000 back is there/
good luck and well done so far.
