Skipton Building Society has unveiled a new Christmas Saver account for 2007, designed to help customers spread the cost of the festive season.
The launch comes in the wake of a Moneyexpert.com survey which reveals that more than 4 million Brits start their Christmas shopping in debt from last year's celebrations.
The new account has an interest rate of 6.80%, and lets savers build up a 'Christmas fund' with regular monthly deposits. No money can be withdrawn until 24 November, when the account will default to Instant Access (currently 2.87% for the maximum £1,800 investment).
Chief executive of Skipton Building Society, John Goodfellow, commented: "Paying for the festive season on the credit card can end up costing more than was spent. What we’re offering instead is a way for savers to actually make money on the cost of Christmas."
"Plus, unlike other savings accounts, we’re helping customers to be disciplined and keep the money for what it’s intended, rather than dipping into it earlier in the year."
The new product will be available from 15 January 2007.Compare Savings Accounts