Quitters can save £157 billion from going up in smoke

Over one million British smokers are expected to use the credit crunch as a great excuse to ‘packet in' on No Smoking Day, 11th March 2009. And according to Abbey Savings, if they all succeed they'll save a ‘breathtaking' £1.57 billion in the next twelve months, some £1569.73 each.

Indeed, the average smoker ‘burns' their way through 16 cigarettes per day, a colossal 6,003 sticks or 300 packets annually. And while they're clearly not doing their health any favours, they're not doing their wallet any favours either, ‘coughing up' a whopping £130.81 a month each to feed their habit. At 2.6 pence per drag it quickly adds up.

Abbey Savings has worked out that they could save more than just their health by depositing their monthly ‘ash flow' into Abbey's Fixed Rate Monthly Saver account which offers a fixed rate of 4 per cent gross/AER for 12 months. Indeed reformed smokers would amass a nest egg of around £1,740.21 each at the end of the term.

And if these savings aren't enough, Britain's 10.7 million smokers could possibly save:

An average of £8,404 on life cover each
A combined £71 million on disposable lighters
A combined £838 million on mints

Reza Attar-Zadeh, Director of Savings and Investments at Abbey, commented: "Smoking is clearly ‘dragging' down our savings potential, so it's great to see that so many people are poised to use the credit crunch to kick the habit. We wish them the very best of luck."

He continued: "Smart ex-smokers will make sure they swap ash for cash by putting the money into savings accounts like our Fixed Rate Monthly saver which offers a ‘smokin' fixed rate of 4 per cent."

Abbey offers a range of competitive savings accounts for either regular monthly contributions or lump sum savings. These include:

Reward ISA - 3.50 per cent AER (£1 minimum)
(Available via Abbey, Alliance & Leicester and Bradford and Bingley)
1.5% AER variable plus 2% bonus after the first year provided no withdrawals are made.

Two Year Fixed Rate - 4.01 per cent AER
(Available via Abbey, Alliance & Leicester and Bradford and Bingley)
£30,000 + 4.01 per cent AER (3.94 per cent monthly)

Fixed Rate Monthly Saver - 4.00 per cent AER
4.00 per cent fixed for 12 months provided no withdrawal are made and between £20 and £250 a month is deposited by standing order.