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What is the best format to save working files?
I usually save all my working files as a PSD but I have been reading around and so many articles say that TIFF is the new way to go.
How true is that and how much is it really better than PSD?

I know that quality wise TIFF is brilliant for flatterned images, but working files?

Can't wait to hear your take on this!
...What is the best format to save working files?...
Whatever is best for you, or your client.

There isn't really much difference between the two, they essentially do the same thing although TIF, (inter-changeable with 'TIFF' as much as JPG and 'JPEG' are), allows you change the compression algorithms, and more, when saving.

Files saved in TIF can, but will not necessarily, be smaller...as with most things the content of the file depicts the overall filesize...some wil compress more, some less.

You may have cause to send a layered file to someone who doesn't have PS, so TIF could be an alternative.

Personally I've never had reason to use TIF but there may situations where other software will only accept a layered TIF file...which would more than likely be anything from Microsoft.

Unfortunately PSG doesn't recognise TIF as a valid file format so here is a [zipped] layered TIF file to try just in case you've never used one before...

View attachment tiff_or_psd_MT_01.zip

Opened in PS, you'll see it handles all effects, smart objects, groups etc etc....no different to the PSD format.

If you subsequently save it without any changes in PSD format you'll notice a small increase in filesize, larger files could possibly generate larger differences but its not guaranteed.

I don't believe there is any 'considerable' benefit from using one over the other, not enough to justify always using TIF anyway, just use what suits your workflow.

Thank you for the reply! I use to always use PSD however I started using TIFF recently to see if it made any differences. Truthfully the only major change for me was the fact that I could now easily different shade which working file was what since I now had a preview.

So I honestly really makes no big difference which one I use?