Start saving now for Christmas 2009

Skipton Building Society has announced the launch of a new issue of its Christmas Saver Account on 3 November 2008.

Whether it's for the Christmas spread, presents for the grandchildren or a gift for that special someone, money is often an issue at Christmas. Skipton's Christmas Saver Account ensures your money is working hard, and is safe and secure until it's time to go shopping.

Savers just need to put away between £10 and £250 every month between now and 24 November 2009 and they'll be earning interest at a variable rate, 6.55% gross. The account matures at midnight on 24 November 2009, giving savers a month to get their Christmas shopping done. Customers can find out more by visiting any Skipton branch or www.skipton.co.uk/christmassaver.

How it works

Open an account with anything between £10 and £250.

Pay in between £10 and £250 per month, whatever amount suits. This amount can be varied each month as long as the minimum of £10 each is paid in each month.

No withdrawals. If access is required before 25 November 2009, then the account will be closed. Accrued interest will be paid to the date of closure.

Interest will be capitalised on the account at midnight 24 November 2009 and this, plus the account balance, will be transferred into an Instant Access Account. Cash withdrawals from the Instant Access Account are limited to £250 per day.

The interest rate on Instant Access Account is from 0.75% gross pa/AER to 2.55% gross pa/AER (from 3/11/08) depending on the amount invested.

Commenting, Steve Aldous, general manager sales & marketing, said: "Christmas is always expensive and in such a gloomy economic climate it makes more sense that ever to save for it. Christmas Saver offers a great rate of interest and is flexible enough to allow for those months when your outgoings are higher than usual. By allowing you to save a different amount each month, just as long as it's more than £10, you'll be able to keep saving even if you get that unexpected bill."