Scarborough Building Society has unveiled plans to launch a new Christmas saver account. In response to the collapse of a well-known Christmas savers’ club, the building society has devised a safe way for consumers to plan for the onset of festive expenditure, without having to resort to loans or credit cards.
The account allows unlimited withdrawals from 1 November 2007, a delay which helps consumers resist the urge to spend before then. New members will be given a £5 incentive voucher to kick-start their savings, with an interest rate of 5%. Existing members will be rewarded for their loyalty with an interest increase taking their rate up to 5.25%.
Scarborough’s Head of Group Marketing said: ‘We believe that, as a mutual building society, we have a responsibility to make (consumers) aware of the additional safeguards a building society account can offer – as well as providing them with a safe haven which will help them to maximise the value of their savings over the next 12 months."
Christmas Saver accounts can be opened with £10, and customers can deposit as much as they want, whenever they choose, by cash or cheque, with a limit of £1,200 over the year.
Find out more about the Scarborough Building Society