How savings affect how you look to lenders
When you save regularly, it shows lenders that you’re able to budget effectively. It also gives them confidence you’ll be able to pay off any money that you borrow from them.
When you use Open Banking and link all your accounts that show savings, it helps prove that you have enough money to afford to pay back your debt.
Transactions and savings
- Make sure you link all accounts that you save money in.
- Use clear descriptions and references with your transfers. For example. Transferring to savings accounts, try reference - 'savings'.