Saving isn’t always a top priority, especially when we’re busy. But throw a broken washing machine, school trip, or surprise bill into the mix and your savings can go from healthy to sickly quicker than you can say ‘easy access account.’ In fact, research from the Financial Lives survey has shown that 10% of adults in the UK currently have no savings at all.
It's not just the health of your savings balance that takes a hit when times get tough. Our finances are intricately linked to wellbeing, with research demonstrating that those of us with low financial resilience or debt are significantly more likely to experience stress, anxiety, or depression, so it's important to plan ahead and start saving - even if it's only small amounts.
Finding an account should be simple, but with so much advice and information online it’s easy to feel overwhelmed. Even with comparison sites, search engines, and best buy tables, finding an account to fit your needs can not only be time consuming, but confusing.
With so much to consider, it’s no wonder a quarter of us are putting any savings we do have in current accounts. Whilst it’s no doubt easier, we’re potentially missing out on hundreds of pounds in interest each year.
But what can we do about it? Enter the humble savings review.
What’s a savings review?
Easy to book and packed with expert advice; a savings review can help take the effort out of finding a savings account that suits.
At Newbury, we offer free savings appointments to new and existing customers, providing the perfect opportunity to get a handle on your savings situation, regardless of whether you’re a seasoned saver or just starting out.
Here are three ways a review could help you get the most out of your savings:
- Identify accounts with better rates of interest to help your savings grow faster
- Help you avoid costly penalties or charges by finding the right account for your needs and the way you want to save
- Tailor savings advice to your goals – whether you’re saving for a house deposit, opening your first ever account, or setting money aside for emergencies
- Help you make the most of your Personal Savings Allowance, maximising the interest you can earn tax-free, depending on your income
It is always worth reviewing your savings regularly as interest rates (and sometimes account limits) can change. We may be able to offer you something better or even save you money on penalties. We can also help identify accounts that might be more suited to you, for instance if you have a particular goal in mind.
It might not be as quick as clicking a button, but taking just 30 minutes for an appointment could lead to big changes in your savings outlook down the line.
Book a free savings appointment with one of our friendly team. We know life can be busy, so your appointment can happen in branch, over the phone, or online – whatever suits you!
Book now
