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Money matters

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Is Internet banking safe?
Many people worry about security on the Internet, but it is far safer than handing your credit card over in a restaurant or reading your card details down the phone. That said, no system is completely hacker-proof, so make sure you are dealing with a reputable bank that is registered in the UK. This doesn't guarantee there won't be problems, but if a security lapse does occur, the bank should protect your money.

All UK banks have to sign up to the Financial Ombudsman Service, so if there is a dispute you can take your case to an independent adjudicator. This service is also free.

To check whether a bank, or any other financial company, is registered to conduct business in the UK call the Financial Services Authority on 0845 606 1234.

What sort of savings account do I need?
Any surplus money you have each month should be placed in a savings account, not left in your current account; you will receive a much higher rate of interest. Savings accounts fall into two main categories - those that let you have instant access to your money and those that impose a 'notice' period, which can be anything from four weeks to six months. In the past notice accounts typically paid higher interest rates, but this is no longer the case.

The best-paying savings accounts tend to be Internet-only accounts or cash Isas, both of which are generally instant access. Cash Isas (Individual Savings Accounts) allow you to save tax-free but the maximum you can save in any year is £3,000. Use these as a starting point, and if you can save more, look for other top-paying accounts.

Only opt for a notice account if you already have built up sufficient 'rainy day' funds in an instant access account. Financial advisers recommend you have at least a month's salary in 'emergency savings', preferably three.



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