Time for a financial check-in
Most of us don't regularly take the time to look at our savings and whether they are working for us. Life gets busy and it is easy to push it down the to-do list. But a quick check-in at least once or twice a year can make a real difference and doesn't have to take long.
Here are five things worth looking at right now.
1. Check your savings rate.
Is your money earning a competitive return? Rates change and what was competitive a year ago might not be anymore. Take five minutes to check what you're getting and compare it to what's available.
2. Tidy up old accounts.
Do you have savings sitting in an account you barely use? You're not alone. Old accounts may have lower rates and consolidating them, or at least moving the money somewhere it can work harder, is one of the simplest things you can do.
It’s also worth checking whether you’re locked into your existing rate or product. Some accounts, like fixed‑term deposit or notice accounts, may not allow withdrawals before the end of the term. Knowing your product’s terms will help you decide whether switching is possible and worthwhile.
3. Use your ISA allowance.
Every tax year you get a fresh £20,000 tax-free ISA allowance. This resets on 5 April and anything unused is gone for good. If you haven't started using yours yet, now is the time.
Our Shariah-compliant Cash ISAs are a straightforward way to make the most of it. Our ISAs generate profits from real assets, not interest, with no ambiguity. Just tax-free saving that fits your values.
4. Set a goal — even a small one.
Savings without a purpose are easy to dip into. A goal – even a simple one – gives your money a reason to stay put. Whether it's for an emergency fund, a holiday or something bigger, knowing what you're saving for makes it easier to stick to.
If you're not sure where to start, try the three-month rule: aim to build up three months of essential outgoings as a buffer. It's one of the most useful things you can do for your financial wellbeing.
5. Check in on your financial wellbeing.
It's not just about the numbers. How do you feel about your finances right now? Stressed? In control? Somewhere in between?
If money feels like a source of worry, you're not on your own. There's support available from a number of free, independent organisations such as MoneyHelper or your local Citizens Advice. From budgeting tools to one-to-one guidance, small steps can make a big difference to how you feel day to day.
Small changes, real difference.
You don't need to overhaul everything. Picking even one or two things from this list to action this spring could leave you in a noticeably better position by the end of the year.
If you have questions about any of our accounts, or want to know what's right for your situation, we're here. Just get in touch.
This article is for information purposes only and does not constitute financial advice. An independent financial adviser can help you decide what’s right for you. Your eligible deposits are protected up to £120,000 by the FSCS.