General savings intro
There's an old saying that goes "take care of the pennies and the pounds will take care of themselves". Regular savings, no matter how small, will soon add up.
A savings product is a deposit-based account where you can put away money that you can access relatively quickly and easily. Savings mean you are not taking any chances with your cash - whatever money you put into a savings account you will get back, plus the interest.
Having money tucked away is reassuring and already having the money saved is better than borrowing it and getting yourself into debt.
Top tips
- If you have outstanding debts, make sure you pay these off first, because the interest rates on your debt are likely to far outweigh the interest you can earn on savings accounts.
- Use your savings wisely. If you're saving for a specific purpose don't get tempted to dip into your savings.
- Set up a standing order/direct debit to get into a regular savings habit.
- Work out how much you can afford to put away each month - there's no point in saving if this leaves your current account overdrawn or you have trouble paying bills.