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1.5% Return On Savings!

1.5% return on savings!

With a 1.5% return on your savings, now is a great time to start! Whether its saving for Christmas, next year’s summer holiday or just to have a pot of money if you need it, saving with Clockwise couldn’t be easier. Simply set up a standing order from your bank to your Clockwise share (savings) account and watch your money grow.

As a credit union any cash surplus at the end of each year is given back to members each year as a dividend on savings. Last year members received 1.5% on their savings.

In a recent study republished by The Guardian and The Independent this year, one in four adults has no savings. The main reasons stated were having sky high monthly outgoings and attempts to clear debt before putting money away to save.  The article went on to say that worryingly a tenth of the population admit to being ‘terrible’ with money. The Money Charity statistics published in May 2018 state that the average credit card bill per household is £2,064 – shockingly, if you only made the minimum repayment on this amount with a card bearing average interest it would take you 26 years and 4 months to repay it.

It doesn’t matter what your current circumstances, starting to put a little away does make a difference. We know that saving elsewhere also helps because you can’t access your money as easily as you can when you save with your own bank. Many people say that they will save when they have the money, but if you can start getting into the savings habit now, even if you feel you don’t have the money, you will find that you become a better saver and at managing your money overall. It doesn’t matter whether it is £1 a week or £5, start today.

 

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