Nationwide urges early start for savers

21 May 2007
It is "never too soon" to start saving, Nationwide spokesperson Roy Beale has said.

As rising interest rates push up the interest they can expect on their savings accounts, consumers are turning their minds to how saving more could offset the extra expense on their loans and mortgages.

But customers should look for longer-term good value savings rates such as those offered by Nationwide, Mr Beale stressed, instead of being attracted by other providers' "high-headline, short-term rates".

Appealing introductory offers often last only six months or a year, he warned.

Beginning to save in childhood is a crucial start in life for today's children, he added, noting: "You can't start saving or investing too soon."

Nationwide is one provider to offer Child Trust Fund accounts, which enable parents and friends to supplement a government subsidy with their own contributions to their child's future savings, which mature at age 18.

Parents starting a Child Trust Fund choose between a cash account, which gradually accumulates interest, or an account investing in stocks and shares whose proceeds feed back into the savings pot.

Learn more about Savings Accounts

Find out more about Child Trust Funds

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