The UK arm of Santander has added a free savings and investment calculator to its website to help customers compare the potential returns on their money.
The calculator asks users how much money they want to put aside, and how long for, to create a graphic showing the difference in potential returns between cash savings and investments.
Research carried out by Santander shows more than a quarter of people want to improve their financial know-how as a result of the pandemic. And with Bank of England data showing that lockdown continues to drive increases in consumer deposits, people looking to put money into an ISA will be reviewing their options.
However, the Santander research shows one in ten believe investing is just for those who are experts in finance, while others believe it is exclusively for those who know which stocks and shares to pick themselves.
Alexia Kilby, head, savings and investments, Santander UK, says: "Our innovative Savings and Investments calculator will help people be more informed about their options, improve their understanding of investments and help them on the way to deciding the right next step for them."