Money saving tips: How to save £365 by the end of 2023 with a simple challenge | Personal Finance | Finance

It is often considered better than keeping money in a piggy bank, savings jar or tucked under the mattress.

This is because should the worst happen, an FSCS-backed account protects money saved up to the value of £85,000 per person, per financial institution.

With the £1 savings challenge, people could get help through a savings account as this is likely to come with interest.

They could end up with more than £365 if they pay the money into an account with an attractive rate.