Free schools benefit from funds for essentials

We can all use some “free” money now and then in a savings account.

09:51 03 July 2013

Free schools have received quite a bit of money for things, which were deemed as essential costs, and if someone offered us free money, it is probably safe to say that we would welcome that. You might say that there is no such thing as free money, but putting your funds in certain savings accounts can give you the closest thing. Here are a few benefits of setting up a savings account.

 

• Earn extra money—the most obvious benefit to opening your own savings account is that you earn free money based on the amount you put into an account. Now, to be fair you usually do not earn a significant amount, but it is free money.

 

• Different types of accounts—there are multiple different types of accounts that you can use to obtain your free money and the savings accounts with better interest rates will definitely give you the better return. Usually an Independent Savings Account will yield much more money than a regular savings account, but the downside is that there is an annual cap to how much you can deposit in an Independent Savings Account (ISA).

 

• Tax free money—the only thing better than getting free money is getting money that is also tax free. This is the epitome of free money. In order to maximize your monetary benefit, you would want to have an Independent Savings Account so that the free money you earn on your investment is also free of certain taxes.

 

• Prevention—one of the greatest benefits of having a savings account is that you have peace of mind and a monetary cushion in the event that you have a minor economic crisis. Homes and vehicles need repairs, you might have a sort of medical emergency, or perhaps you simply have an unexpected expense. Having a savings account helps you save more, grow your funds, and protect you from worse financial problems.