Savings accounts for a brighter future

Savings accounts for a brighter future

Savings accounts for a brighter future

There's never a bad time to get a savings account set up, but not everyone is good at keeping their funds topped up - which is where having the right incentive can be absolutely essential.

It's one thing to make the decision to be savvier with your money and get your finances in order, but it's also not unusual to let your savings take a back seat when other priorities come up. That said, putting money aside can actually be very easy if you are determined to achieve the goals you set for yourself.

This might be paying for a holiday, sending your son or daughter off to university, buying a new car or just taking care of a household emergency. But even if you are just cash away for the future there will always be times this financial safety net will come in handy. First of all though, you'll need to make sure the savings account you set up is the one that is best suited to your individual needs.

If you are thinking about spending some money on a bumper Christmas, your priority might be setting up a savings account as quickly as possible. There are certain providers who ask for as little as 1 for an opening balance. This means you can figure out how much you'll be able to put into it later, but can pretty much start it off any time you like. It might be worth looking at an online savings calculator to help you begin to build a realistic target to set yourself, so you know how much you will have when the festive season arrives. This approach is also advisable if you're looking to take advantage of the post-Christmas period that can sometimes be difficult financially. Some people have a tendency to overspend on food, presents and other expenses during December, which also leaves them unable to take advantage of the January sales - making a savings account a smart way to prepare for this time.

Whatever you are working towards, you will want an account that you can check up on at any time. Like many current accounts, some providers will let you access your savings online, over the phone or in-branch - giving you the flexibility you need. If you are happy with the rate of interest on offer, you should also consider the option to make unlimited withdrawals and deposits - which some accounts don't have. These can be handy if a financial emergency arises and you need to dip into your funds and replace them later. However, you should always remember, the longer you leave your money to accrue interest - the sooner you can achieve savings goal.

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