New £50 note means more for your savings account

The new note is already garnering lots of attention and may be worth much more than face value.

10:58 02 June 2013

The news for the new £50 note is that it bears the current chief cashier’s name rather than his predecessor. Some of the banknotes are expected to already be worth much more than their face value and a few will even be auctioned.

 

If you happen to get one of the bills bearing Chris Salmon’s signature, you may just want to keep it or try auctioning it off for a higher price and put the funds in a savings account. 

 

There are many different ways, sometimes unexpected ways that you can add to your savings account throughout the year. Here are just a few ideas to ponder:

 

• Pledge an amount-throughout the week, take something that you normally spend money on such as a pastry, or special drink and put the money into a savings jar until it is enough to open or deposit into a savings account. 

 

• Look for antiques-if you are hoping to find something that will add to your savings account later in life, you could try your hand at visiting second hand and thrift stores to see if there are unusual items. 

 

• Investments-you may be able to eventually increase your savings account by particular investments in bonds, property, stocks, shares, or other forms of legitimate investments. A Stocks and Shares ISA uses your funds as investment money to obtain larger growth, but is good for long-term investors. 

 

• Hobbies-if you like to collect stamps, peruse antiques, paintings or anything of that nature, you’ll probably be aware of some more rare items. If you can find some of those genuine rare items, you may spend quite a bit at first, but they could make a generous contribution to your savings account if you auction them off in the future, or you might decide to pass them down to future generations as well.