Five simple ways to boost your savings

Research from the Money and Pensions Service (MaPS) has found that 46% of people do not save regularly. Saving what you can as regularly as possible helps in times of need, giving you greater financial security.

There are lots of free resources and tools that can help you save.

MoneyHelper’s Budget PlannerOpens in a new window can help you see where you’re spending and where you could cut back to put more in savings. And its Savings CalculatorOpens in a new window shows how long it’ll take to save for a big purchase.

The Savings Calculator also offers tips and support to help you stay on track.

Research from The Building Societies Association (BSA) found that 39% of those aged 18 – 34 hold their savings in a current account rather than a savings account.

If your savings are in a current account, you're better off moving them to a high-rate savings account that gains interest. Make sure to shop around for the best rates, as different banks will offer different amounts of interest.

Ensure it’s the right account for you. Consider whether the account has any fees or charges for transfers or withdrawals, and how easily you can access your money.

Use MoneyHelper’s Bank Account ComparisonOpens in a new window tool to find the right account for you.

An Individual Savings Account (ISA) is a great way to build your savings in a tax-efficient way.

Each tax year the government sets a maximum amount that you can put into an ISA – this is currently £20,000 and, with an ISA, you pay no income tax on the interest you earn.

There are lots of different types, including those with fixed term rates, Stocks and Shares ISAs and Lifetime ISAs.

Learn more about ISAsOpens in a new window on MoneyHelper.

Working people receiving Universal Credit can benefit from the government’s Help to Save scheme, but in 2023/24, only 2% of those receiving Universal Credit opened one.

With this account, the government will add a bonus 50% to your savings after two years, and you can have the account for up to four years.

If you had £1,200 after two years, this would increase to £1,800 with Help to Save.

Read more about Help to SaveOpens in a new window on MoneyHelper.

Millions of pounds sit unclaimed in old accounts, Premium Bonds, and Child Trust Funds. The government's online tracing services help reunite people with lost money from previous addresses or forgotten accounts.

If you are or know someone who is between the ages of 16 and 18, encourage them to visit MoneyHelper for information about how to find a lost Child Trust Fund for freeOpens in a new window.

MoneyHelper provides free, impartial guidance on savings and other money topics. Visit MoneyHelperOpens in a new window.

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• “46% of people do not save regularly” stat taken from The Money and Pensions Service’s MoneyView survey, conducted in 2024 from a UK-wide representative sample of over 12,500 participants.