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It all adds up to something good. Saving, whether big or small, can open up a world of opportunity. Saving money is tough, now more so than ever. But saving can be simple, easy and rewarding. It takes just three steps.
1. Set you goal
Set a target amount that you can save each month for 12 months, whether it's £5, £20 or £100, it will make a difference! Take stock of what you have coming in and what you spend in a typical month to see how much you can put away comfortably.
2. Make it a habit
Take it off your to do list by setting up a monthly payment into your savings account.
2. Reward yourself
Rewards don't need to cost a lot, or be complicated, but they are crucial in helping you stay motivated.
There are many different types of savings accounts out there, here are some of the main types.
‘Does what it says on the tin’… Instant access accounts are a good option if you want to save but also want to have quick access to your money when needed. Instant access accounts are suitable for savers who want to be able to withdraw their funds as often as required. These accounts often have a variable interest rate that is paid yearly.
Bonds are suitable for savers who do not need access to their savings and can invest a lump sum of money for a fixed period of time at a guaranteed or variable interest rate. Progressive offer Bonds with fixed rates of one to five years. Bonds can often offer higher interest rates, but they do not afford the flexibility of withdrawing from them that an Instant Access account does.
Save without having to pay tax on the interest. Individual Savings Accounts (ISAs) provide options to encourage you to save without having to pay tax on the interest you earn. They too offer instant access to your money without affecting your ISA allowance.
These accounts are suitable for savers who wish to invest on a monthly basis. Often, Regular savings accounts offer limited access, but this is not as restricted as a Bond.
Children's Saving Account
It’s good to get into the savings habit early, so with this in mind, you might want to open a children’s account for your kids. Like adult accounts, there are a range of options to choose from, but children’s accounts are usually managed by a parent, guardian or grandparent, rather than the child themselves.
We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 11 branches. We look forward to hearing from you.