Saving for the future requires an understanding of yourself and your spending habits, and the best methods for your situation. Hear from Miriam, our Student Money Assistant, on which options might be suitable for you.

High interest current account

If you find committing to specific monthly saving goals challenging, a current account that pays interest could be a feasible solution. These accounts let you manage your money as you usually would, while earning interest on your balance. Many providers offer interest rates as high as 8%, with some requiring deposits as low as £1. Banks like Chase and The Cooperative Bank offer competitive interest rates with no minimum deposit.

Automatic Savings App

You could also consider an automatic savings app that requires access to your bank account. In return, it saves an appropriate amount on your behalf. Apps like this use technology to access your income and spending to work out the best amount for you to save. This guide provides more details on the Best automatic savings apps 2024—Save the Student.

Easy access savings account

The rate on a savings account depends on the account type. An Easy Access savings account allows you to withdraw whenever you want, but in return, you get relatively low interest rates. On the other hand, fixed-rate savings accounts provide a slightly higher interest rate but will usually want you to lock in your funds for a set period of time, ranging from three months to five years. They also usually come with a higher minimum deposit requirement.

ISA

Another savings option are ISAs. A cash ISA is like a regular savings account, except you don't pay tax on anything you earn. This method of saving is a longer-term approach. This guide to the best cash ISAs provides more details on cash ISA providers and their rates.

Lifetime ISA

Lifetime ISAs are different because they’re designed for home purchases or retirement savings. These are beneficial if you aim to start saving early for your first home. Few providers offer LISAs, and their interest rates are lower than those of many standard savings accounts, but the government will top up your Lifetime ISA by 25% which is up to £1,000 per year if you save the maximum £4,000. However, there are some drawbacks to Lifetime ISAs, including restrictions on withdrawal times and limitations on the maximum value of the house you can buy with the funds.

Remember, saving for your future is really important, for several reasons including financial security, future goals, peace of mind and even retirement!

Further support

If you need further money-related support, contact Student Funding Support by email (studentfunding@warwick.ac.uk), phone (024 7615 0096), or come to the Wellbeing Reception in Senate House (10 am-3 pm Monday-Friday).