Skipton Building Society has launched a new festive savings option, designed to help Britons generate cash for next year's celebrations.
The new account, named Christmas Saver, could - in future - help to stop the problem faced by many UK consumers who are still paying for last year's festivities as December 25th approaches once more, the society claims.
Featuring an interest rate of 6.8 per cent, the new savings account enables consumers to access the funds only in November 2007 - just in time for the festivities.
John Goodfellow, chief executive of Skipton Building Society, comments: "Paying for the festive season on the credit card can end up costing more than was spent, which is a ridiculous situation to be in.
"What we're offering instead is a way for savers to actually make money on the cost of Christmas."
He added that the new savings option encourages discipline, as savers cannot dip into the funds earlier in the year.
Halifax recently warned that many UK parents need assistance in how to help their children get into the savings habit, despite the fact that 58 per cent of youngsters will save more towards Christmas than they spend.
Skipton offers new Xmas savings deal
Financial Services > Savings > Savings and Investments News
Skipton offers new Xmas savings deal
Thu, 21 Dec 2006
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