Saving
Want to save but don’t know where to start? Well we're here to help
Firstly, you need to decide what would be the best way for you to save. The main ways of saving are:
• Credit Union
• Bank or building society savings account
• National Savings and Investments
Credit union savings account
You could become a member of a Credit Union and open a savings account with them. Credit Unions are owned and controlled by their members. The main Credit Union in Salford is River Valley Credit Union.
The Credit Union decides who can become a member.
This may be based on where someone lives or works. For example, members of a Credit Union will often live in the same area. This is called the common bond.
Good features of credit unions.
• It’s much easier to open a Credit Union account than a bank or building society account
• You can save as much or as little as you like and as often as you like
• It’s easy to save at local collection points or direct from your wages
• Credit Unions offer low cost loans to their members
• If the Credit Union goes bust you will be able to get most or all of your money back.
You can find out more about Credit Unions on the Association of British Credit Unions (ABCUL) website or call them 0161 832 3694 or email info@abcul.org
Bank or building society savings account.
Savings accounts with a bank or building society will pay more interest than an ordinary current account.
You can find out much more about savings accounts at the Financial Services Authority's Money Made Clear website.
National Savings and Investments.
National Savings and Investments (NS&I) are run by the government. The money you save is totally secure and interest will be added to it. For more information, visit the NS&I website.
How do I know if my savings will be protected?
You can find out if the organisation you are thinking of saving with is regulated by the Financial Services Authority by visiting the Financial Services Authority website.
