How To Get Better at Saving Money

“The UK savings landscape can feel like alphabet soup. ISAs, AER, fixed terms... it’s a lot. But we’re going to unpack it.”

A lot of members told us they’ve already started saving but still feel unsure whether they’re doing the right thing with their money.

So, in our latest live webinar, we broke it all down:

Here’s a short recap, in plain English.

What kind of saver are you?

Some people save for next month. Some save for five years from now. Some like to check their account every day. Others just want to “set and forget.”

Here are a few common types:

Little-and-Often SaverChips in small amounts regularly, likes flexibility.
Lock It and Leave It SaverPrefers to stash money and not touch it.
Goal GetterSaving for something specific — like a house, trip, or big purchase.
SMART PlannerLoves a clear plan and deadline.

Account Type	Good For	Key Detail
Cash ISA	Simple, tax-free saving	You get to keep all your interest. No tax. Up to £20,000/year.
Junior Cash ISA	Locking away savings for kids	Keep all the interest with no tax on up to £8,000 a year.
Notice Account	Better rates if you don’t need quick access	You’ll need to give 30 or 60 days’ notice before taking your money out.
Fixed-Term Account	Locking money away at a better rate	Terms like 6, 12, or 24 months. You can’t withdraw early.
Prize Account	A fun savings option with monthly prize draws	Instead of interest, you get entries to win cash prizes.

👉 Some members use more than one of these. That’s normal (and smart).

Term	What It Really Means
AER	The interest rate you’d earn in a year. Compares apples to apples.
AIR	“Annual Interest Rate” — similar to AER, just worded differently.
Dividend	A slice of credit union profits, shared with members.
Fixed	The rate won’t change during the term.
Variable	The rate can go up or down. (Banks often don’t shout when it drops.)

We walked through this exercise live but you can grab a pen and do it now for your next savings goal.

Write down the letters S.M.A.R.T. and answer each question!

S = SpecificWhat are you saving for?“A birthday weekend away.”

M = MeasurableHow much will it cost?“£450 for travel, hotel, and food.”

A = AchievableCan you afford the monthly savings?“Yes, if I skip a few takeaways.”

R = RelevantHow important is this to you?“7/10 – nice, but not urgent.”

T = Time-boundWhen do you need the money?“10 months → £450 ÷ 10 = £45/month”

Now look at your goal and ask:

It helps to know all the jargon and match your savings style and goal to the right kind of account.

And we’re here to help.

Want to read more about Plane Savers accounts?

Ready to open a new account?

The right savings account doesn’t just hold your money, it helps you grow it, without all the stress.