Cambridge Building Society: Starting a savings account

Cambridge Building Society: Starting a savings account

Opening and starting a savings account can seem daunting, but it shouldn't be. There are three easy steps you can take in order to open your own building society savings account.

Firstly, think about what you need from the account and shop around. Visit or call three or four different building societies in order to get the best rates around, and be sure to keep an eye out for special deals. Bear in mind that if you're planning to make an initial investment of less than around 1000, the rates may not be as great as you were hoping.

Secondly, think about what your long-term goals for saving are. Are you putting money away for a rainy day, or saving for something in particular? Perhaps you're counting the pennies ahead of getting a new car, going away on holiday, moving house or helping your son/daughter on their way to university or marriage. Either way, you'll need a different account, depending on your goals.

Once you've decided upon the building society you want to go with, take your initial deposit down to the branch and pay it in. You may have to sign some paperwork to say you've deposited but don't worry, this is normal. If you are just saving for a rainy day, then 10 or 15 per cent of your monthly salary is an ideal amount to invest.

However there are some things you have to be careful of when opening an account. Don't do it if you anticipate having to withdraw money regularly, as there will be financial penalties for doing this. Most societies will allow you one withdrawal a year, without charges, but over that and there are generally repercussions.

Also, be sure to add money regularly. This will make the most of your interest rate and help keep your account active.

These days, everyone's wallet is feeling a little strained. Petrol prices, VAT, utilities, many things that we rely on in our day-to-day lives have gone up in price while, let's face it, only a few lucky ones have received a pay increase to accommodate. However, there are steps you can take and changes you can make to make your money stretch that little bit further. Here are just a few tips. Go through your bank statement with a fine tooth comb and look for any direct debits for services that you no longer require. Are you paying for gym membership when you don't go? Cancel it! Paying in to a lottery syndicate but never winning? Cancel it!

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