Skipton’s Christmas Saver prevents December debt

Following a recent survey showing that more than four million Britons are still paying the bill for last Christmas while they shop for this one, Skipton Building Society is launching a new Christmas Saver account.

The Christmas Saver account is aimed at helping people spread the cost of the festive season. With its interest rate of 6.80%, the branch-based account allows savers to make regular monthly deposits to build up their fund, which they can then access only from 25 November 2007 – just when it’s needed.

John Goodfellow, chief executive of Skipton Building Society, commented, “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, by getting a fantastic return of 6.80% on the funds they put away each month. Plus, unlike other regular savings accounts, we’re helping them to be disciplined and keep the money for what it’s intended – paying for Christmas – rather than dipping into it earlier in the year.”

Key Features – Christmas Saver

Interest rate of 6.80%

Available from 15 January 2007 through Skipton’s 79 branches across the UK (branches will take details of interested customers prior to this date for opening an account once launched)

Monthly investments to be made by cash, cheque, internal transfer from another Skipton account or by bank standing order

Minimum monthly investment £10, maximum monthly investment £150

Minimum opening investment £10, maximum opening investment £150

Maximum total investment £1,800 per annum

Withdrawals not allowed from date of opening until midnight 24 November 2007, when the account will default to an Instant Access Account (currently 2.87% for the maximum investment of £1,800) for the customer to access their funds