Saving your money
Saving money no matter how little is a good idea and a great habit to get into as you never know what can happen in the future.

Making the most of your savings is the next step. You may already have a savings account, but is it working for you?

Basic savings accounts – easy access accounts
There are many basic savings accounts. These can be available online, a bank or post office. Find an account with the best interest rate for the money you can save, and find out if it is paid monthly or yearly.

Should you need to access to your savings regularly, then having a basic account will allow you to access your money without any charge.
 
Internet accounts tend to have higher interest rates, however, check how you can gain access to your money. Money could be transferred into a current account or a cheque sent out. Either way, it may take a couple of days.

Regular Savings Account
If you are able to save regularly and already have a bank account, there are accounts you can apply for. You can transfer money from your current account to a savings account regularly and receive a higher rate of interest than your current account. Check if the interest is monthly or yearly.

Notice Accounts
Usually notice accounts have a higher rate of interest as they have limits to taking out your money and the amount of times you can withdraw in a year. You should however check out online accounts as they offer competitive rates.

National savings and investment
They offer a range of savings accounts that suit all needs. Again, think about much you have to save and how long you want to invest for. http://www.nsandi.com/products

Cash ISA’s
Cash ISA’s are a tax free savings option. You have a limit of £5,100 you can save in one tax year. The more money you have saved in the account, the greater the return will be. Some cash ISAs offer instant access, however, you may lose your interest for that month based on the amount you withdraw.

If you are 16 or over you can apply for a cash ISA. Check out bank's comparison websites, even supermarkets have these available. There are different rates of interest and degrees of flexibility, so there should be one that suits your needs.

Some accounts let you deposit money when you can, others require the full amount. Again, read the small print to make sure the account works for you.

Fixed rate bonds need a minimum amount to start and you would have to keep it saved for at least one year. This is ideal for saving substantial amounts of money. General, this is an option for a long term investment, like saving for your pension.

ISA are a longer term investment based on the stock market. The following link explains what they are:
http://www.moneymadeclear.org.uk/products/investments/types/tax_wrappers/investment_ISAs.html

Credit Unions
Inverness Credit Union

A credit union is basically a group of people who live and work in the same area. You can save money and also apply for loans.

If you are 16 or over you can join your local credit union. The Inverness credit union is located at:

74 Telford Street
Inverness
IV3 5LS
01463220884

Office opening times:
Tuesday 12pm till 2:30pm
Wednesday 6:30pm till 8pm
Thursday 5:30pm till 7pm

There are also other locations within the community where you can register and make payments:

Hilton Community centre
Wed 2:30pm till 4pm

You can sign up to be saver at any age. The joining fee is £2 and you can start saving from as little as £1. Money can be paid into your account each week, alternatively, you can set up a standing order so that your money regularly goes into your savings account.

You can save up to £5000.

You are able to apply for a loan once you have saved for 13 weeks and are over 18. You can borrow up to two and half times your savings. You will agree a length of time to pay it back (the interest is 1% a month 12% APR. Benefits of this include free life insurance between the ages of 16 and 80, however, this does not cover a pre-existing medical condition.

In conclusion, when managing your savings, always do lots of research. Visit your local banks, post office and use the Internet. There are many offers and these are constantly changing. Check out websites like http://www.moneysavingexpert.com and http://www.moneymadeclear.org.uk/hubs/home_savings.html as these offer advice on the offers available.

Tips

• Credit Unions are a good alternative to a bank and easy to save money. 
• Should you need a loan the credit union can issue you with one once you are a regular saver, they are more flexible than a bank.