There are ways to make your money work harder for you, says Revolut's head of savings Marsel Nikaj. “[These include] daily activities like paying for your groceries and taking advantage of any incentive offered to you,” he continues.
For instance, if you're looking forward to travelling, Nikaj says rounding up spare change and saving them in a different currency using the Revolut app. Rounding up spare change after paying for things like restaurant bills or groceries, can help would-be travellers accumulate a tidy sum for their holiday fund. Of course, you will also need to have a clear idea as to which currency you will want to convert your spare change to.
As for saving towards your golden years, putting your money into your Supplementary Retirement Scheme (SRS) account is another way to make your money work a little harder, as depositing into the account lets you enjoy tax reliefs, says Nikaj. However, do note that the sum deposited into your SRS account can only be taken out when you reach 62 years of age. Any withdrawals made before then will incur a penalty of 5%.
