Scarborough Building Society has launched a new Christmas savings account designed to help Britons prepare for the 2007 celebrations.
The society claims that the new savings option is a direct response to the "well-publicised Christmas club collapse" and offers a "safe and simple" way for UK residents to accrue savings for next year.
Earlier this year, Savings club Farepak collapsed, leaving many Britons who had been saving for Christmas out of pocket.
The new Scarborough savings account offers a 5.25 per cent rate of interest and allows withdrawals after November 2007 - designed to help savers ward off the temptation to splash the cash.
Tony Burdin, head of group marketing for Scarborough Building Society, comments: "We believe this new product reflects our ethos by offering total peace of mind to our customers - and particularly those on low incomes - as well as promoting savings as a positive alternative to today's 'spend now - worry later' debt culture."
Recent research from Halifax found that UK youngsters are planning to get into the savings habit for Christmas, with one-quarter putting £5 per week aside.
New Xmas savings from Scarborough
New Xmas savings from Scarborough
Tue, 12 Dec 2006
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