Even the smallest amounts will add up, giving you security and spending power later on
As we head into 2022, we’re almost two years beyond the first of the UK’s lockdowns. The pandemic brought huge amounts of uncertainty that echoed through all areas of life, and for many of us that included our finances.
Now that we are settling into the new normal, you may be in a position to think about saving. Even if you’ve got loan repayments or other commitments to meet each month, there may be a way to put a little amount aside and let it grow into a healthy sum to give you extra peace of mind or to cover special occasions later in the year.
The joy of guilt free spendingHolidays, birthday surprises and Christmas are all so much more enjoyable if you haven’t had to overstretch yourself financially to pay for them. Planning ahead and building a fund to pay for them can give you a sense of control, and confidence in your other spending during the year, knowing that there’ll be enough for, or at least something towards, those future treats.
Of course, life often throws up unexpected costs too. Paying for an expensive MOT or a boiler repair aren’t the most desirable ways to spend a savings buffer. But if you have some money tucked away to fall back on, you won’t have to feel the pinch so much in other areas when problems arise.
Keeping your money safe and letting it grow The best approach to saving is to keep your money locked away in a designated savings account. That way, you won’t be tempted to dip into it and don’t have to do the mental maths of allocating some of your current account balance without moving it anywhere.
At Great Western Credit Union, we have a range of savings accounts that will help you put any spare money away and grow your own spending pot for a rainy, sunny or even snowy day.
- Easy Saver – save what you can, when you can from as little as £1
- Christmas Saver – put away whatever you can afford throughout the year and withdraw your festive funds in November
- Cash ISA – from a minimum deposit of £1000, you can save up to £20,000 tax free each year
- Child Saver – pay in any amount at any time for a child up to 18 years old, starting from £1
- Savings@work – save directly from your salary with one of our partner employers, with a chosen amount that comes straight out of your regular pay
Whichever account you choose to save with, you can access your money by arranging a free transfer into any UK bank account. As a member, you’ll receive an annual dividend paid into your account, and your money is always FSCS protected up to £85,000.
Save while you borrow, for a healthier financial future At Great Western Credit Union, our ethos centres around responsible borrowing. We offer fair loan terms with no fees, repayments that work for your budget and no penalties for paying your loan back early.
A big part of helping you get financially stable is to encourage saving while you borrow, if you can. To make this easier, if you have a loan with us, you get a savings account automatically - removing that first barrier to putting any extra aside. It’s a great way to get into good habits that you can continue once your loan is paid off.
All our savings accounts are flexible, so you won’t be tied in to saving a certain amount each month. They’re designed to work for you, giving you the head-start you need on the year ahead, and they also support the work we do in your local community too.
Start saving today