Savings accounts which are fixed for 12 months could offer a timely boost for Christmas 2007, one expert has claimed.
As this year's festivities are approaching, a regular savings account could present the "ideal solution" to next year's difficulties, stated a spokesperson for Moneyfacts.
Rachel Thrussel, head of savings at the company, also asserted that a 12-month savings account with a reputable bank may be more attractive following the recent bad press associated with Farepak.
Some savings accounts offer interest rates of around ten per cent, the expert noted, allowing customers to deposit between £10 and £5,000 per month.
"If you are able to commit a regular amount to a savings account, no matter how small or large, you may be surprised how quickly your savings grow," remarked Ms Thrussel.
The expert added that regular saving accounts could be a solution to many longer-term savings needs, including a holiday or "a rainy day".
Lisa Taylor, an analyst at Moneyfacts, recently noted that many savings providers are yet to boost their interest rates in the wake of the Bank of England's base rate rise earlier this month.
Savings accounts could soften Christmas, expert claims
Savings accounts could soften Christmas, expert claims
Wed, 22 Nov 2006
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