The practice of putting money aside for a rainy day was habitual in times gone by - but that was before credit was freely available. Since then, saving regularly has fallen by the wayside as a new generation could access funds for 'emergencies' using credit cards, overdrafts and loans. However, these are debts and have to be repaid - with interest - leaving you at the mercy of the bank, loan or credit card company.

The bottom line is that, despite today's huge and diverse financial services industry, saving is still as important as it ever was. And, given the fact that it takes five minutes to set up a monthly Standing Order from your current account into a savings account online or on the telephone, saving is also now even easier. It doesn't have to be a vast amount that you save and the chances are you won't even notice it. 

The other bonus of saving is that you will effectively be paid to do it - in the form of interest. The rate of interest you earn will depend on the kind of savings account, how regularly you save into it and how often you want access to your funds. But remember also that if you are a taxpayer, HM Revenue & Customs will take a slice of interest earned in tax - unless you save into a tax-free shelter like an ISA (Individual Savings Account).

To find out which savings product is the right one for you, read the CashQuestions guide to savings. When you know what you are looking for, compare the best rates and deals available with the CashQuestions comparative tables.

CashQuestions Guide to Savings Accounts  

CashQuestions Guide to Tax-Free Savings 

CashQuestions Guide to Saving for Children 

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