Consumers offered new Christmas savings plan

Consumers are being alerted to a new savings account aimed at helping them save for next Christmas and avoid falling into debt.

The Christmas Saver from Skipton Building Society has been introduced to help the four million people who are still paying off debts from last year’s festivities while continuing to shop for this one.

Potential savers are being offered an interest rate of 6.8 per cent with the account, into which they can make monthly deposits and access from November 25th 1007, ready for the Christmas period.

John Goodfellow, Skipton’s chief executive, said that the account was designed to help those who end up paying back more than they spent due to credit card interest payments, which, he remarked, is “a ridiculous situation to be in”.

“Unlike other regular savings accounts, we’re helping [customers] to be disciplined and keep the money for what it’s intended – paying for Christmas – rather than dipping into it earlier in the year.”

The account is available from January 15th 2007 and the maximum annual investment limit is £1,800.

Skipton also offers a range of financial services and products such as insurance policies and mortgages.

© Adfero Ltd

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