Savings with West Brom Building Society

We all have our individual motives for saving, whether it’s a rainy day fund to help prepare for emergencies, a long term financial pot to keep your money safe, or an account to support meeting your financial goals like a dream holiday or new car. As we adapt to the changing financial environment around us, the importance of a savings account has massively increased.

Sophie Dwyer – Savings Product Manager.
Sophie Dwyer – Savings Product Manager.

At a time when savings rates have seen historic lows, we have committed to supporting our savings members by continuing to offer above market average interest rates [1]. Following the increase in the Bank of England Bank Rate, we made the decision to increase savings rates for all members with tracker and variable rate accounts. This is another way we can do what is right by our members and provide a boost for savers.

As savings rates increase, how do you pick the right account? Firstly it’s important to decide whether you need access to the savings or can you fix it away for a set period. Then set yourself a budgeting ratio. Make a list of your bills and financial commitments for the month, this will help you to understand how much money you will be able to save, helping you to determine if you save a regular or varied amount each month. It’s important not to put pressure on yourself, if for one month you save less, then remind yourself that it’s ok.

We have a wide range of savings accounts available for you to choose from; easy access, fixed-term account or regular savers, there are accounts available to help towards supporting your positive savings habits. In addition to this for anyone starting their savings journey, we have an introduction to savings guide available on our website: https://www.westbrom.co.uk/savings

If you’d like to find out more, you can call your nearest West Brom branch, visit our website or call us on 0345 241 3784.

[1] 1 Average market rates sourced from Bank of England Bankstats table A6.1.

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