Scotland happy for first RNLI lifeguards
Life is full of “firsts” to celebrate, from lifeguards to individual savings accounts.
09:20 06 June 2013
Life is full of “firsts” when it comes to individual accomplishments, businesses, and even national accomplishments. For Scotland, they are happy to report the first RNLI Lifeguard presence at Coldingham Beach. This will be great for the locals as well as those on holiday in the area.
For many of us, an important first is obtaining our first job, and that very first pay cheque. Another first that should go along with that first job, but often times doesn’t, is setting up the first savings account. Here are a few steps to getting started with your first savings account.
- Interest rates-these are one of the most important aspects of a savings account. The better the percentage the more money you make while your savings sits in the bank. Check with as many of your local institutions as possible to determine which ones have the best interest rates.
- Account type-this is one of the trickier parts to managing a savings account. You have two basic types of savings accounts. An Independent Savings Account or a regular savings account. Independent Savings Accounts (ISAs) earn significantly better interest than regular savings accounts. The funds may be more difficult to obtain when you want them quickly, but the growth on such an account is tax free. There is also an annual limit. If you have a really aggressive savings goal in mind, you might be disappointed by the annual limit, and opt for a regular savings account that doesn’t have an annual cap, although you’d be better off having one of each.
- ISAs-if you decide to get an ISA, you’ll want to determine if you want your savings account to be a Cash ISA or a Stocks and Shares ISA. The Cash ISA carries no risk, but the interest rate may end up being smaller than what you could potentially earn from a Stocks and Shares ISA. The Stocks and Shares ISA uses investments to grow your fund, but it can also take losses. This one is best for long-term savings and it’s never too early to start one.