Under the Financial Services Compensation Scheme (FSCS), savings up to £85,000 (or £170,000 in a joint account) are protected in the event that the UK regulated bank, building society or credit union goes bust. This limit applies per institution and not per account.

Find out more information here.

Depending how much you earn from sources other than your savings, e.g. from a wage or salary, you might have to pay tax on the interest earned on your savings.

You could also get up to £1,000 in savings interest tax free, with a Personal Savings Allowance.

Find out more information here.

Savings held in an Individual Savings Account (ISA) provide a tax exemption for the interest earned, but there’s a limit on how much you can add to these accounts each year.

Take Five, the national campaign offering straight-forward, impartial advice that helps prevent email, phone-based and online fraud offers this advice:

• STOP: Taking a moment to stop and think before parting with your money or information could keep you safe.
• CHALLENGE Could it be fake? It’s ok to reject, refuse or ignore any requests. Only criminals will try to rush or panic you.
• PROTECT: Contact your savings provider immediately if you think you’ve fallen for a scam and report it to Action Fraud.

Find out more at the Take Five website or visit our dedicated protection from common fraud page here

If you recall having a savings account somewhere, but can’t quite remember where, mylostaccount.org.uk is a free service that could help you track it down.If you recall having a savings account somewhere, but can’t quite remember where, mylostaccount.org.uk is a free service that could help you track it down.

Jam-jar budgeting is a way of controlling your spending by splitting your money into different pots of expenses. It’s a good way to prioritise what you spend and keep track of where your money is going. Whether you really use jam jars, separate savings accounts or tools in apps and online banking, it can help you to keep control.

When your savings have grown you might want to think about putting your money into shares, property or other investments. Putting your money into some form of investment could give you bigger returns than simply saving. The flipside is your investment could also lose value.

If you have outstanding personal loans or other short-term debts, consider paying these off before starting to build your savings, as the interest charges on these types of loans and debts are usually quite high.