Things to save up for

Often high up on the list of ‘stuff to save up for’ is a home deposit.

As one of life’s bigger expenses, it can sometimes take a while to build up the funds. You usually need to put down at least 5% to 10% of the property price to get a mortgage.

There are a few different types of savings accounts that could help you build your savings. Some allow you to access your money whenever you want, whereas others offer higher interest rates but your money is locked away for longer. It can be helpful to compare them to work out which one might be best for your needs. 

Setting up a regular standing order can be a helpful way to save, so the money you want to put aside is added to your savings account automatically each month.

It’s a good idea to put your money into a separate savings account to your other goals, so you’re not tempted to dip into it.

Read our deposit saving tips for more inspiration. Or, if you're almost ready to buy a house take a look at the range of first direct mortgage products we offer.

Building an emergency fund can give you a safety net if an unexpected expense crops up.

It’s a pot of around 3 to 6 months’ worth of living expenses that you can access in case of an emergency – whether that’s a vet bill or car repairs you hadn’t budgeted for.

A few different types of savings accounts can be used to save for an emergency fund. An easy access savings account could be an option if you want to be able to access the funds quickly, as you’ll be able to dip into it when you need the money.

If you need some hints and tips to get started, read our guide to building an emergency fund.

Saving for retirement is an investment in your future.

Many people will receive a state pension once they have retired, but you may require some extra funds to pay for luxuries and holidays once you have stopped working. 

It’s recommended to look at your annual income and expenses and work out roughly how much you’ll need for the lifestyle you’d like. Then you’ll have an idea of how much you’d need to save.

Saving into a workplace pension can help you build up your retirement pot – especially if your workplace matches your contributions. Combining this with a savings product, such as an ISA or a Fixed Rate Savings Account, could help you have a good amount saved for retirement.

From buying the car itself, to the insurance, MOT and running costs, having a vehicle of your own can be expensive.

Putting money aside to prepare for these expenses can help – plus a bit extra to cover any repairs and servicing fees.

Both easy access and fixed term savings accounts could be good options to choose when you’re saving up for a car. But, you'll need to compare the products to work out which one works best for your needs.

A fixed term savings account means you’ll earn a fixed rate of interest on the money you save, but if you want to be able to withdraw money at short notice, an easy access savings account might be a better option.

Having a holiday fund you can dip into is a great way to make sure you can afford to take time out from the daily grind.

You could choose to save for a holiday in a number of different types of savings accounts depending on your needs and how quickly you need to be able to access your money.

You might want an easy access account so you can book a good deal when you see one. Or, you might prefer to let your savings stack up over time in an account with a higher interest rate, but with more restrictions on when you can access your money.

Compare first direct savings accounts to find out which one could work best for you.

Whether you’re planning an extension, need a new kitchen or want to make changes to the overall way your home looks, having savings set aside to cover the cost can help make your dreams a reality.

Locking your savings away in a Bonus Savings Account or a Fixed Rate Savings Account can be a good option. As the interest compounds over time, it can be a good way to save up for larger things, especially if you don’t need the money right away. You lock away a sum of money for a set period with an interest rate that’s fixed, so you’ll know exactly how much you’re getting when the term ends.

Getting married means there’s lots to plan and lots to save up for. From booking the venue to finding the perfect outfits, costs can quickly mount in the lead up.

There a few different ways people commonly choose to save up and pay for weddings. 

One option you could choose is to put money aside in a joint savings account. This way you could work together to pay for your big day.

Explore more ways to save.

At first direct we have a range of savings accounts that could help you grow your money and reach your savings goals.

Whatever your goal, the sooner you start saving and making the most of things like compound interest, the faster you’ll build up your money and reach your target.

Explore the savings accounts available at first direct. All our savings accounts are for existing 1st Account customers only.