The Skipton Building Society has launched a new savings account which it claims is designed to help customers spread the cost of the Christmas period.
Skipton's new product follows a recent survey by MoneyExpert.com which revealed that more than four million British people are still paying off the bills of last Christmas while they shop for this one.
The account will pay an interest rate of 6.8 per cent, allowing monthly investments to be made and offering customers' access to their funds from November 24th 2007.
John Goodfellow, chief executive of Skipton, said that it was "ridiculous" that paying for Christmas purchases on a credit card often leads to an expense that is greater than the amount spent.
"What we're offering instead is a way for savers to actually make money on the cost of Christmas, by getting a fantastic return of 6.8 per cent on the funds they put away each month," Mr Goodfellow claimed.
"Plus, unlike other regular savings accounts, we're helping them to be disciplined and keep the money for what it's intended – paying for Christmas – rather than dipping into it earlier in the year."
Skipton's account requires a minimum monthly investment of £10 and permits a maximum annual investment of £1,800.For more information about online savings accounts, click here.
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