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- Earning interest
Although interest rates fluctuate, having a savings account is the only way to make money by essentially doing nothing i.e. keeping it in one place and not investing in further assets. They’re also low risk when compared to traditional investment opportunities and have the benefit of no monthly maintenance fees!
- Emergency cash
A savings account helps you accumulate a rainy-day fund in case you are hit with any unforeseen expenses. Given the current economic uncertainty, having a little extra saved should give you extra peace of mind.
- Budgeting
After payday, it is easy to get carried away with retailer deals, especially in the lead up to the holidays. Having a savings account helps you develop responsible spending habits, supporting you to budget for food, rent, utilities, entertainment, or travel. We recommend linking your current account to your savings account via a direct debit, meaning you are automatically saving post payday without even thinking about it.
- Treat yourself
A good incentive for having a savings account is being able to grow your penny pot to save up for pricey items or an experience. Save up now, so you won’t miss out later!
- Protect your regular account from overdraft fees
With a savings account, you can effortlessly link it to your regular bank account: this means that you can keep overdraft fees at bay by feeding in extra cash from your savings, should you need to.
- Financial independence
Having a savings account is the first step to giving yourself freedom from the Bank of Mum and Dad. It helps you feel confident about managing your expenses and gives you a cushion for whatever life (or the rest of 2020) throws at you.
RCI Bank offers a range of savings accounts so whether you are a long-term saver, a rainy-day spender or somewhere in between, you should be able to find a savings account that is just right for you. Check out our Freedom savings account, 1-5 years Fixed term accounts and our 95-Day Notice Account here: https://www.rcibank.co.uk/savings-accounts
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