You may have noticed recently how little interest your savings account is paying you. Interest rates are at historical lows in the UK. Research suggests that 49% of savings accounts are now paying interest of just 0.5% (www.moneyfacts.co.uk) and this is not about to change.

In an age of austerity getting your money working hard for you is essential.

‘How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.’
                   Robert G. Allen – Investment Author

You can start by taking some financial investment advice on how to get your money working harder, and one option worth exploring is investing in low risk stocks and shares in great companies at a good price that also pay you dividends.

You Could Raise Your Interest In Dividends

Dividends are payments made to shareholders by a business. Shares that pay dividends can provide you with an income that is significantly greater than the interest paid by most savings accounts. What is more, the share price may also go up, so it can be a win-win situation.

‘All I ask is the chance to prove that money can't make me happy.’
Spike Milligan

Large quality companies like Coca Cola and BP have a history of paying dividends and are often recommended as a good stock investment. Shares in BP are currently paying over 6.5% on your money. The UK retail giant Tesco is currently paying around 3% in dividends whilst the mobile phone giant Vodafone is paying nearly 6%. A lot better than a 0.5% savings account.

However, investing in the stock market will not be for everyone, especially those close to a point where they intend to be drawing a pension. If you feel that you do need advice before deciding on an investment and don’t know who to trust, where do you start?

Don’t Bank On The Best Advice

Many people go to their bank for financial investment advice. Whilst most banks have financial advisers they are usually tied to a limited range of products as sold by that bank. Not always helpful or indeed the best investment advice for you.

Where To Get The Best Investment Advice

Finding a good independent financial adviser can be a challenge. Expect to pay a fee for any financial advice you receive. If you are not paying for the advice, someone else is. You can check that your adviser is registered with the Financial Services Authority at www.fsa.gov.uk.  You can also find the details of a range of independent financial advisers at www.unbiased.co.uk.

A wealth of free financial investment advice is also available online covering most options from basic savings accounts to investing in shares and share tipping articles. Websites like The Motley Fool (www.fool.co.uk) provide regular articles outlining investment opportunities in quality shares and money management tips that are well worth a regular read.

In times of recession when money can be in shorter supply it has never been more important to get your money working hard. Putting it into low risk shares in a large and stable company like BP or Tesco could be a smart move. Why not swap your tiny interest rate for a larger dividend payment instead? It’s worth taking some independent financial advice on.

You may be glad you did.