Savings in the short term

Saving is one of the best ways you can becomes financially independent. Saving some of your money will also give you greater long-term security and peace of mind.  Here are a few good ways to start.

1. Set up a simple instant access savings account. Transfer spare money you have at the end of the month to your savings account.

2. Set up a standing order for an amount you can afford straight after payday. Start small then build.

3. Try to save a monthly amount of any pay rise that you get and put aside a part of any bonus you receive.

4. Set up a budget on your expenditure. Our managing your money guide will help you do this.

5. Be disciplined set a savings goal and stick to it. Our Savvy Saver site offers lots of practical everyday savings tips and hints that will help you.

6. Cash ISA Saver might be a good first choice if you wish to save money.  This is a savings account that pays interest tax-free up to specific limits.

7. To maximise your return you could consider using your ISA allowance to invest in stocks and shares. The government ISA scheme allows you to invest up to £7,200 per year, and receive returns on this tax-free.

8. You can often get extra interest if you are prepared to tie up your money for a set number of months with a Term Deposit or savings bond.

9. Products which tie your money up for a long period may offer a better return. It pays to make sure you only put money in there which you won’t need. Or you may want to consider Save the Change ® where we round up the amount you spend on your Debit Card to the nearest pound and transfer the difference to your Lloyds TSB savings accounts.