Approximately 14 million people in the UK have less than £100 of savings, which is why in 2022 the Building Societies Association launched an annual campaign highlighting the importance and benefits of saving. The aim of this campaign is to encourage 2 million new regular savers and increase interest earnings for those already with savings. Supported by over 300 organisations, this campaign aims to get people talking about savings, and increasing the efforts of organisations, charities and groups who want to see households strengthen their financial resilience.
The UK Savings Week website has answered some frequently asked questions for those who may be new to savings or those that want to make more of the savings they already have. They also help clarify the terms and phrases that are often used by organisations in relation to savings.
Choosing the right savings account can also be a confusing decision. The UK Savings Week website has itemised the main types of savings accounts available and when you’ve decided which account would most suit your needs, the following websites pull together lists of the best accounts on the market right now, along with the interest rates they pay: Money Saving Expert, Moneyfacts or Savings Champion.