Tips for running the account

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Tips for running the account

Save within budget

Although the more money saved the better, putting away more than can be afforded can often leave customers without necessary funds for everyday costs.

Save little but often

Individuals should try to store away a small amount of cash on a frequent basis. Saving little at a time will ensure they are never left out of pocket on any occasion. Customers can arrange to have a standing order set up on their account, which will ensure a set amount of money is paid into their savings account each month.

Review the account

Savers should check their account on a regular basis to ensure they are getting the best return on their savings. Independent best buy tables can be a very useful source to keep an eye out on new accounts coming on to the market. Rates on the savings account should be checked at least every three months.

Small print

Before opening an account, savers must ensure they have checked the small print and understand all the implications and conditions that come with it. For example, some accounts may state that the rate will be reduced if more than X amount of withdrawals are made within a year.

Penalties
Savers must remember to obey the rules of the account to avoid being penalised. Customers often face penalties for:

• withdrawing money without giving the required amount of notice
• depositing less than the stated minimum amount required for the year
• closing the account earlier than agreed upon (before the end of a specified period)