If you don't have a savings account you could be missing out on a simple way to keep track of your finances, earn on your savings as well being able to save easier. Setting up a savings account doesn't have to be a hassle and it will serve you in the long run. Your savings account should work for you so make sure to shop around to find the best one.

The benefits of having a savings account

 

  • So you can save easily

Having a separate account to put your savings in is the most effective way to save your money and build up an emergency fund. You may want to save for a big purchase or upcoming bill or you may just want to make sure you have money set aside for whatever might come in the future. Keeping your money separate will help you keep track of your finances and you can make sure you don’t use your savings on a day-to-day basis.

  • Keep track of your finances

It will be much easier for you to see how much you have to spend as well as starting to set up a budget if your money is separated. Knowing your spending patterns can help you gain control and begin to save or allow your money to go further each month.

  • Earn interest

You could earn money when your bank has a good interest rate, you may have to switch banks to find the best one.

  • Keep your money safe

By separating your money you can keep it safe from any fraud or theft as all your money isn’t in one place.

  • Easy to set up and transfer money

You can have a stress free process and be able to move money around when you need it. If you have your savings account with the same bank as your current account this will be simple to set up.