Savings

Your first step towards building a successful financial plan

Saving money is one of the best financial habits you can adopt. It’s particularly important for youngsters, to help them start understanding the value of money. But no matter your age, the sooner you can start saving, the better. 

Building a healthy savings pot (or ‘rainy day fund’, as many people call it) gives us greater financial security because it allows us to create a financial safety net. So when the freezer packs in, the car needs an unexpected repair, or you need to find some extra cash fast, you’ll have funds to dip into. It also opens up possibilities for the future, so we can afford more of the fun things in life.

When it comes to saving, it’s important to think about your goals for your money. What do you want it to do for you, and when? Saving (as opposed to investing) might typically be used towards short-term goals, like a holiday, or some new clothes. For bigger goals, like retirement, you’ll need to consider taking more risk by investing in something that has the potential to give you a greater return.

There are lots of ways to save

The most obvious options are banks and building societies, and you can check online comparison sites for the best interest rates on offer. But with interest rates so low, you might choose to look at other savings options, like premium bonds. They give you a chance to win a tax-free cash prize each month to add to your savings. The odds of winning are quite slim, although the more you invest up to the maximum £50,000, the greater your chances are. 

Saving is easier if you set up a standing order. You’ll be less likely to notice the money going out of your account so you won’t be tempted to spend it.

Whoever you put your savings with, make sure it’s covered by the Financial Services Compensation Scheme (FSCS). This scheme compensates you if your bank or building society runs into financial difficulty, up to a limit of £85,000.

Articles related to

Savings

What our clients say

Find an adviser

Where and how we meet depends on whatever’s most convenient for you, but we have a number of locations around the UK if you’d prefer to come to us.

Find an Adviser

Other services we offer

We provide a complete range of financial services with specialists in every category so that we can match you with the most suited adviser for your needs

Small, but important print

Registration Number 03776035
Registered in England and Wales

Amber River Group Limited is not authorised to give financial advice. The financial planning businesses who are part of the Amber River Group are separately authorised businesses and therefore able to give advice.

You’ll find details of the regulated status of our firms, including FCA numbers and links to the Financial Services Register on each of the location pages in the ‘Find an adviser’ section.

The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.

The information contained within this site is subject to the UK regulatory regime and therefore targeted primarily at UK-based consumers.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Find full details of the FOS at www.financial-ombudsman.org.uk

Please read our Privacy Statement before completing any enquiry form or emailing us.