Having a pot of money set aside is really important. Savings give us more freedom to make choices that allow us to enjoy life. And being able to save is also associated with lower financial anxiety.

So whether it’s emergency savings to help you weather the storm were anything unexpected to happen. Or you’re saving towards achieving a big goal like buying a new car or getting on the property ladder — savings can help give us that added boost we need, when we need it.

But it can be hard

Most of us agree that building up our savings is important, but it can be hard. Because there are lots of pulls on our money, from the essentials like bills and food shopping, to impulse spending on Amazon or Asos during those evenings in front of the tv — prioritising our savings is something many of us struggle with. We know we should… but it’s tricky.

Loqbox makes it easy

With Loqbox it’s easy to build your savings. It takes just a couple of minutes to set up automatic monthly payments. And then you can confidently get back to the things you love knowing that your savings are growing in the background. It’s effortless, and ensures that finally, you’re paying yourself first.

(Putting some money straight into your savings on payday is often referred to as “paying yourself first”. This is because having savings gives you freedom and security, and it means you’re ready to deal with any surprises should they occur.)

Join the Loqbox spring savings challenge

Money-saving challenges are a creative way to reach your savings goals. Saving little and often develops good habits so you can afford a deposit on a car or a holiday. Even if you don't finish the challenge, you've still saved some money and that's worth celebrating.

The Loqbox spring savings challenge is to save £240 — £2,400 in the next 12 months.

Here’s how it works

Step 1: Decide how much you want to save and set up automatic payments

Choose how much you want to save each month. It can be anywhere from £20 to £200.

This is used to calculate your annual savings goal by multiplying your monthly savings by 12. A 0% APR loan for that amount is then locked away in your Loqbox so you won’t be able to spend it.

Step 2: Grow your credit score at the same time

Each month as you make your loan repayments, Loqbox reports them to the three main credit reference agencies. If you make your regular payments on time this builds your credit history and should cause your credit score to go up.

Step 3: Unlock your savings

Once you hit your savings goal Loqbox releases every penny into a new bank account for free, or into an existing account for £30. Now it’s time to celebrate because you can put your savings towards achieving that big goal. Or you can keep on going! And with an improved credit score you can go on to access loans, credit cards and mortgages — and save £1000s.

Whatever you’re saving for — a deposit for a house, a wedding, a holiday, a new car, Loqbox makes it easy. Get started now and join hundreds of thousands of people like you in achieving their one big goal. Signing up is quick and easy.

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