Savings Account Guide - Introduction

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Savings Account Guide - Introduction

There are currently hundreds of savings accounts on the market, so choosing which one to go for and understanding how they each operate is more confusing then ever! Thinking about the future should be one of your main priorities.

Whether you are considering a deposit on a new home or how to pay your children’s university fees, by planning in advance and saving, you can avoid having to rely on borrowing - which only leads to debt and added stress.

Types of Savings Account
Introductory Deals
Interest Payments
Childrens Accounts
Minimum Balances & Cash Withdrawals
Account Protection
Switching

What are savings accounts?

Savings accounts provide a secure way of storing money away, whether for the future or for a rainy day and allow you to earn a little extra through interest in the process.

Although savings accounts offer a lower rate of return than investing, they provide the security of getting all the money back that you put in, plus a little extra in interest- unlike investments.

With so many offers being made available in building societies and via the internet, searching for the most suitable account and understanding what is on offer can be quite confusing and time-consuming, especially with the number of catches and clauses that can be involved.

Do I need to save?

Saving your money is a great idea and can help in avoiding borrowing and getting yourself into debt. But first and foremost, you need to make sure you are in a position to save.

Any outstanding debts that you may have should be cleared first, as the rates on your debt are likely to be much greater than the interest you can earn through a savings account. Additionally, be reasonable with how much you expect to save - there is no point in saving so much that it hinders you from paying monthly bills or doing everyday things.