Skipton Building Society claims that almost 10,000 people will find it easier to afford Christmas related expenditures this year as a result of its Christmas Saver Accounts.
The company has now launched a Christmas Saver account for 2008 so those who missed out on the scheme for this year can open an account for next year. The branch-based account offers regular savers a great of 7.55 per cent with access to funds from November 25, 2008.
General manager, Steve Aldous, said: "Christmas is becoming increasingly expensive and some surveys are showing the UK is set to spend over £400 this year on presents alone. Add to that other costs – food, drink, petrol for visiting the relatives – and the bill can easily top £1,000."
The account is available through Skipton’s 79 branches across the UK and through Skipton Direct. Monthly deposits can be made by cash, cheque, internal transfer from another Skipton account or by bank standing order. The minimum account opening deposit is £10, while the maximum is £250. The monthly minimum and maximum deposit amounts are the same, with the maximum total annual investment set at £3,250.
"With the help of our Christmas Saver, people can save a little each month and avoid adding a financial headache to their New Year hangover," said Mr Aldous.
"The discipline of only having access to your money from November 25 onwards means our savers really will be having a merrier Christmas," he added.
And those who have been put off Christmas savings schemes following the Farepak Christmas hamper debacle can rest assured that their account will be regulated by an external body, so they will not stand to lose savings as Farepak savers did. More than 3,000 families were involved in the failed savings scheme, losing an average of £400 each.
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