So payday for me is next week and I have calculated that I might have a good lump of money spare each month now that I am out of my overdraft so I want to start saving it.
I don’t have any savings accounts and tbh I’ve never had the option to save so this is new territory for me.
What I want to do is to split my savings into thirds effectively. One third goes into an easy access account like Marcus where I can dip in and out if I need to for emergency and build a 3 month emergency fund.
Another third is saved specifically for special occasions (birthdays and Christmas, probably going to use Pots for this)
The other third I want to put into a long term fixed savings account with higher interest. Best I have found is Atom at 2.05% for the year https://www.atombank.co.uk/fixed-saver.
I guess I am just after some advice with regards to the long-term savings. Is it possibly worth opening a 2 year or 3 year fixed account? Or should I do something else? My pension is quite low so should I increase that (no added benefits from my company) or should I try something different?
Any advice on either third is welcome, as I am open to suggestions.