Safeguarding Your Savings
Setting up a savings account is an important part of building your wealth for the future. And while high street savings accounts are generally safe, fraud and scams can be incredibly sophisticated, too.
Follow these tips for keeping your money safe and protecting against fraud, scams, and criminal activity, and give your savings the best chance to grow.
Choose a Reputable Bank or Provider
Whether you’re opening a savings account with a high street bank, a buildings society, or an app such as Wombat, do your research. See what others say about the service and how easy it is to pay in and withdraw your money.
Wombat is regulated by the Financial Conduct Authority, as well as having protections in place such as FSCS protection for funds up to £85,000.
Beware of Phishing Attempts
Phishing is when scammers try to trick you into giving out your account information, phone number, password, or other personal details. They can do this via email, phone, SMS, or even mail. No reputable bank or savings account provider will ever contact you asking for such details.
If in doubt, hang up the phone and report the message to your bank or supplier.
Utilise Strong Passwords
Try not to use the same password for everything. It’s recommended that you choose a different password for your savings account profile than the one used for say, your Netflix account.
Use a combination of upper and lower case letters, as well as numbers and special characters. If you need to write down your password, do it offline on paper, and keep it somewhere safe.
Keep Software and Devices Updated
One of the ways criminals access savings accounts is through outdated software. Keep your antivirus protection on your computer updated, and regularly check the app store for new versions of the app you’re using.
Monitor Your Accounts Regularly
You don’t need to do daily checks on your balance, but checking every so often is a good idea, so that you can catch any suspicious activity and report it quickly.
Use Secure Wi-Fi Connections
Avoid accessing your savings account on public connections and Wi-Fi connections that you didn’t set up yourself, such as the one you have at home.
Be Cautious of Unsolicited Offers
Banks are businesses, too, and will often contact you promoting new savings accounts and rates. This is normal. But, if you receive an unsolicited offer that seems too good to be true, it probably is, and you should check with your bank or provider to see whether it’s real.