It's time to stop craving and start saving

Tomorrow, 1st July, marks the third anniversary of the smoking ban across England and Wales, when many smokers chose to pack in the habit for good. New research from Santander Savings has found that a 20-a-day smoker who gave up in 2007 could have amassed an ash-tounding £6,883 if they'd opted to put their cigarette money into a Santander savings account.

The average smoker currently spends around £180 a month on their habit but, by giving up today and putting the money to better use, smokers could reap the benefits from a much more rewarding habit.  For example, if they put that money each month into a high interest paying savings account such as the Santander Fixed Rate Monthly Saver, currently paying 4.00 per cent gross fixed for one year, they could build up a gross balance of £2,394.60 over the term.

And for those struggling to get on the property ladder, stubbing out the ciggies could even prove a great way of boosting the bank balance and getting that deposit. 

Existing homeowners could also ease the burden of the current financial climate by putting the money towards paying off their mortgage.  By overpaying on their mortgage by just an extra £6 a day, Santander customers could knock just over 7 years off the term of their mortgage, saving over £21,333 in interest over 25 years.

Matt Hall, Head of Savings at Santander said: "The simple truth is by giving up today smokers will not only improve their health but their bank balance.  And for those who have already kicked their habit, the money they've saved could be building up their savings for the future or knocking years off their mortgage!"