Video - Saving Regularly
What are regular savings?
It’s easy to get into the habit of saving regularly every month.
The first thing to do is to think about what you’re saving for. It could be a family holiday or a new car, something for a rainy day or a safety net for unexpected bills.
When you know how much you can save each month, you can work out how long it will take to reach your target.
An easy way to get your savings working for you is set up a regular payment from your current account into a savings account so that you can automatically add a little bit each month. That way you won’t have to remember and you won’t be tempted to skip a month.
As your savings build up, they’ll grow faster– even if you’re only paying in the same regular amount. This is because each time the interest earned on your money is paid into your account it starts earning interest too.
This interest-on-interest is called compound interest, and over the longer term it makes a big difference to how much your savings are worth.
Some savings accounts have minimum and maximum monthly payments and other restrictions, so be careful to pick one that suits your needs.
Always read the terms and conditions before you choose a savings account to make sure it’s right for you.
Leeds Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Fixed rate products are linked to market rates at the time of issue. Future fixed rate products may be offered at higher or lower rates depending upon the changes in market conditions.
This guide is intended as a summary only and does not constitute financial or legal advice given by Leeds Building Society. No reliance should be placed on this guide and you must make your own decisions, we recommend that you seek legal and/or financial advice if you have any questions or queries.