Give feedback
 

Saving tips

Looking at your savings habits is not the most interesting task in the world, however it’s worth doing. Of course everyone is different, but these simple tips are designed to help.

Video Guide to Savings

We understand that everyone is different with their own financial circumstances and priorities.

We also know that most people could benefit from a few simple tips on how to approach saving, which is why we’ve produced this straightforward, step-by-step video guide.


Tip 1 - Consider any debt you might have

Before thinking about saving you should first consider any debt? you might have such as a credit card or loan. This is because the interest? you pay on these might be higher than the interest you earn on your savings. Therefore it might be more beneficial to pay off your debt first.

Tip 2- Work out your monthly budget

See how much money you and your family have left at the end of each month after all of your outgoings have been paid. Anything that’s left could be earning you interest in a savings account – you can use our budget planner to work this out.

Tip 3 - Think about a Cash ISA

If you are a UK taxpayer then it makes perfect sense to start saving with a Cash ISA because any interest you earn will be tax free. Northern Rock has a great range of Cash ISAs for you to choose from, whether you want to save regularly or invest a lump sum.

Tip 4- Plan for emergencies or unforeseen events

Putting money aside regularly can help to protect you and your family against any future emergencies or unforeseen events. It’s always worth having an emergency fund of money that’s easy to get to if something crops up and one that will earn you interest until you need it.

Tip 5 - Look to the future

It’s equally important to consider those life-changing events; perhaps a wedding or savings for a child’s future. Whatever you’re planning and whatever stage of life you’re at, we have a range of savings accounts that are available to you.

You may be able to benefit from a higher rate of interest if you are happy to save over a set number of months or years. We have a range of savings accounts where you will have access to your money after providing notice (typically three or four months). Alternatively, if you are happy to tie your money up for longer, then one of our fixed-rate accounts might be for you. These accounts are available as a Cash ISA so you will also benefit from tax-free savings.

Tip 6 - Think about your monthly income

Do you have a lump sum in your current account or even just at home under a mattress? Did you know that with many of our accounts, you can receive your income on a monthly basis rather than annually, at a slightly lower interest rate. This is the perfect option if you are looking for additional income in retirement or just a bit of extra money each month. People are living longer so it’s also worth considering other investment options and pensions – take a look at our Financial Planning section for details.

Tip 7 - Check your money is working hard for you

People’s circumstances change so it’s worth regularly reviewing your savings to ensure that your money is working hard for you.

Our Savings Promise means that we will give you two months' notice of any reduction in interest rates. Where the notice period on your account is greater than two months', we will give you equivalent notice.

Still need a helping hand?

As well as the information on this website and the helpful advice we offer in branch and over the phone, there are lots of organisations that can offer you free, independent and impartial advice to help you understand and manage your money.

Take a look at:

Northern Rock is not responsible for the content of external sites