The biggest building society in Wales is encouraging Britons to start saving money regularly in the new year.
To help people kick off their savings habit, Principality has also launched a new savings account that offers a savings interest rate of 5.25 per cent annual equivalent rate variable.
Savings account holders will be able to deposit between £20 and £1,000 a month in the Monthly Saver Account.
As a mutual organisation, Principality feels it is important to encourage its customers to kick-start the year with a healthy savings habit, according to its managing director, Tracy Morshead.
He says Principality is "certainly seeing a growth" in the number of people saving money, which is "very encouraging".
However, Mr Morshead points out that many people "continue to live for today, building up debt and not giving saving a second thought".
"Saving regularly doesn't take a lot of effort and if this pattern of paying a little each month into an account is established, lump sums can be built up quite quickly."
Those who would like to start saving money in the Monthly Saver Account will be entered into a competition when they open their savings account.
The winner's prize is a Dream Welsh weekend, which includes two nights at Cardiff's Park Plaza hotel and tickets for the Six Nations Championship match when Wales takes on Italy in rugby.
Savings account launched by Principality
Savings account launched by Principality
Tue, 10 Jan 2006
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