Find out some of the ways banking can help your future

It’s never too early to start planning how to make the most of your banking accounts.

09:35 31 August 2013

When you think of banking, you probably think of running to your bank and making a deposit or perhaps taking money out of one of your accounts. There is a lot more involved in banking than the traditional transactions. There are also ways that banking can use your money to help you. Here are just a few of the ways:

• Leaving your money in a banking account may earn a little bit of extra interest for you. It increases over time, so the longer you are able to leave your money in an account, and the more you have in it, the more you make.

 

• You might not think of most loans as being a way that banking works in your favour but keep a few things in mind about loans. Many banks are able to provide a lower interest rate than some other methods of financing, and you might be able to acquire a house, vehicle, complete renovations, or even begin a business. That is one of the greatest ways that banking can work for you and make improvements to your lifestyle.

 

• With certain savings accounts, such as Stocks and Shares Independent Savings Accounts, banking can also end up helping out in the long run by giving you more financial stability when you retire.

 

• Another positive think about the banking industry is that you can help family members such as grandchildren and children have a better financial start in life. There are accounts called Junior Independent Savings Accounts that allow a certain amount to be deposited each year. The interest earned on the funds is tax-free.

Using all the available banking options to the best of your ability can help create a very stable financial future.