Why You Need a Proper Savings Account
1 Feb 2025 · 0 min
0:25
Andy Egwim explains why you need an emergency fund of three to six months of living expenses. He recommends keeping it in a UK cash ISA to avoid paying tax on the interest.
Andy Egwim explains why you need an emergency fund of three to six months of living expenses. He recommends keeping it in a UK cash ISA to avoid paying tax on the interest.
Right, so that's number one. Number two, you need a savings account, not just a piggy bank, a proper savings account. It's like your safety net is like.
Your emergency fund.
Will live there, so.
Your emergency fund lives in your.
Savings account.
Emergency fund is basically three to six months worth of your.
Living expenses that is set aside untouched. It's only for emergencies, like a broken boiler or unexpected bills.
I live in the uk, so in the uk, I recommend.
A cash ISA for saving due to its tax benefits. Here's why interest on regular accounts is taxable.
