Bank Accounts
Make your money work for you
Current Accounts
These are your everyday bank accounts that you will receive your wages into, and pay the bulk of your bills from. Whilst this is a necessity, did you know that you could be making money from your main current account?
Savings Accounts
Whether you have £1 in savings or £1,000s, it’s highly likely that you aren’t getting as high a return as you could be. With bank interest rates at all-time highs, it’s worth looking at what options are available to you.
ISAs
These tax-efficient accounts come in all shapes and sizes, and I’d highly recommend looking at the different options available to you. You could even get a £1,000/ year bonus from the Government!
FAQs
Are my savings safe?
Since the Financial Crash in 2008 banks are regulated to ensure they have a safe level of cash at any one time. There is also a scheme known as the Financial Services Compensation Scheme (FSCS) which protects any cash you hold with a bank up to £85,000.
This means if you have £90k with a bank £5k wouldn’t be covered. However, the £85k is per bank so you can spread your cash across lots of different banks. Always check they are covered.
Should I save or invest?
This question really depends on what your goals are. If they are long-term the stock market could well give you better rewards (although it also may lose you money). But, if your goals are short-term cash is certainly the safer option and there are some good rewards for keeping your money in the bank.
How do I save money?
With it so easy to spend money nowadays, saving is often at the back of people’s minds. The key to saving money is knowing where and why you spend money.
For more information on how to track your spending, save your money and some great budgeting tools see our section on Budgeting here.