We all know how important it is to save and with savings now tax-free for the majority of people it is essential to get the most out of your Personal Savings Allowance.
There are many reasons why people save some of these include:
/ An unexpected change to your life circumstances.
/ Financial protection.
/ Luxuries such as holidays, car or wedding.
Putting money away regularly can provide peace of mind and financial security in the long-term.
Saving vs. Investing
Although they are similar there is a big difference between saving and investing. If you intend to use your money in the near future then saving is a good short-term solution. Investing involves tying up a large sum of money for a longer-term with the hope of realising a greater return on your money.
Determining whether to save or invest will all depend on your savings goal.
Protecting your cash
The Financial Services Compensation Scheme (FSCS) offers protection and compensation to customers should a financial services firm regulated by the FCA and PRA stop trading, or does not have enough assets to pay claims made against it.
Your eligible deposits with The Access Bank UK Limited are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the £85,000 limit are unlikely to be covered.
(The limit applies to individuals and companies, not accounts. This means that for joint accounts the limit applies to each named account holder. So, for example, if you have a joint account with your spouse or partner, and no other accounts of your own with that firm, you will each receive up to £85,000 under the deposit limit. So FSCS would protect up to £170,000 of savings in a joint account).