I would like to save but don’t know where to start.
Firstly, you need to decide what would be the best way for you to save. The main ways of saving are by using one of the following organisations:
Help to Save account
The Government have created a new savings account for people who work and are on low incomes called Help to Save. For every £1 you save, the Government will give you a bonus of 50p. Credit union savings account
You could become a member of a credit union and open a savings account with them. Credit unions are owned and controlled by their members. The main credit union in Doncaster is the Community First Credit Union To join Community First Credit Union, you must live or work in the Metropolitan Boroughs of Barnsley, Doncaster or Rotherham.
Good features of credit unions
It’s much easier to open a credit union account than a bank or building society account
They offer basic banking services such as standing orders to pay bills and rent
You can save as much or as little as you like and as often as you like
It’s easy to save at local collection points or direct from your wages
South Yorkshire Credit Union pays an annual dividend based on the performance of the credit union over the past year
Credit unions offer low cost loans to their members
Savings are insured by the Financial Services Compensation Scheme
Find out more about Community First Credit Union.
Find out more about credit unions on the Association of British Credit Unions (ABCUL) website or the ACE Credit Union Service website.
Bank or building society savings account
Savings accounts with a bank or building society will pay more interest than an ordinary current account.
Remember to shop around for the savings account that suits you best.
You will need to find out:
What interest rate is being offered
If the interest rate will be much lower after the introductory offer runs out
If there is a branch nearby you can get to easily
How much notice you have to give if you want to take money out
If there is a penalty charge to take money out
If you have to keep a certain amount of money in the account
Also, remember that it can be more difficult and time consuming to open a bank or building society account than, for example, opening a credit union account.
To find out more about savings accounts, visit the Money Advice Service website.
National Savings and Investments
National Savings and Investments (NS&I) are run by the government. The money you save is totally secure and interest will be added to it. You should always compare National Savings and Investments with ordinary bank and building society savings accounts and credit unions to make sure you choose the savings account that is best for you. To find out more visit the Money Advice Service website.
How do I know if my savings will be protected?
You can find out here if the organisation you are thinking of saving with is on the Financial Services Register.
Where can I find more information?
You can find out more information about savings and investments on the Money Advice Service website.
How can I save for Christmas?
Christmas is an expensive time of year. It could be a good idea for you to save a little every week throughout the year. There are a few different ways you can do this. Visit the Money Advice Service website for more information.