The significance of wise financial planning and astute saving techniques increases in an unstable economic environment.

First National Bank's Head of Retail Banking, Akweley Laryea, claims that high inflation causes money's value to fluctuate like sand under our feet, which has an impact on interest rates and living expenses.

“Despite this, it’s encouraging to see many individuals and families continuing to explore ways to save”, says Akweley.

The significance of wise financial planning and astute saving techniques increases in an unstable economic environment. First National Bank's Head of Retail Banking, Akweley Laryea, claims that high inflation causes money's value to fluctuate like sand under our feet, which has an impact on interest rates and living expenses.

“During high inflation and market volatility, people who keep their savings will not lose value unless they decide to withdraw the cash. Interest on savings may be lower compared to the inflation rate, but the value of their savings is steady and does not lose any value.”

Saving money isn't a one-size-fits-all endeavor. The right approach to saving depends on your unique circumstances and goals. That's why it's essential to consider a variety of options to meet your individual or family's financial needs.

One option is a savings account, which provides flexibility and easy access to your money when you need it. While savings accounts typically offer lower interest rates than fixed-term accounts, they serve as a valuable tool for building an emergency fund.

On the other hand, if you're looking for higher guaranteed returns on your investment and can forgo immediate access to your funds, a fixed-term investment like fixed deposits may be the ideal choice. Fixed deposits lock your money in for a specific period, usually ranging from 1 to 60 months, depending on your preferences. At maturity, you'll receive your principal along with the accrued interest.

For those seeking a middle ground between fixed-term and flexible savings accounts, a flexible fixed investment account, such as the First National Bank Flexi-Fixed Investment Account, offers an attractive compromise. This account allows you to earn substantial returns on your fixed-term investment while retaining access to your funds in case of emergencies.

It permits withdrawals up to a certain limit and even enables you to top up your fixed investment using the bank's digital channels.

Suppose you prefer gradual growth and higher interest rates as your savings increase. In that case, a Notice Deposit investment may be the right choice for you. The First National Bank 32-day Interest Plus account is designed to help your money grow over time.

The longer your funds stay with the bank, the higher the interest rate becomes after 32 days and further increases after 64 days. Adding more funds to your account rewards you with higher interest rates, speeding up the growth of your savings. When you're ready to withdraw your funds, simply notify the bank.

These diverse savings options ensure that you can select the solution that aligns best with your financial goals and unique circumstances.

"You don't need to halt or pause saving or investing because of a temporary economic difficulty. Saving during higher interest rate periods increases the income you earn over this time. The earlier you begin saving, the more you give yourself a better chance to grow your savings and be better off over the long term” concludes Akweley.