14:41 19 April 2013
If you thought that the necessity for establishing a savings account was rubbish, this would be a good time to reconsider that view. Most of us have some form of debt, and for those who lacked a savings accountor happened upon a bit of bad luck, the future may take a turn for the worse with fairly recent legislation.
Previously if people owed amounts of £25,000, the sale of a property could be forced so that creditors could recoup their losses. Aggressive changes in that policy now place the limit at just £1,000 in outstanding debt.
If we are honest, there are probably many of us who are one catastrophe away from being unable to pay that amount. An unexpected collision, emergency medical treatment, or broken boiler could be the beginning of the end for many homeowners.
It is imperative, now more than ever, that we try to find extra room in our budgets to deposit each month into some form of savings account. There are a variety of accounts from which to choose so it’s important to shop around to different financial institutions for the best interest rates and lowest fees.
Consider some of the following savings account options:
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