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Christmas Day is today, and much preparation will have gone into the big day. But often this can dent a person’s finances in a major way. To help Britons get back on track, Yorkshire Building Society has launched a Christmas regular saver account. The offer is designed to assist individuals in building financial resilience, as well as saving for their Christmas spending next year.
The account also offers a competitive return on short-term savings, something many people will be looking for at present.
The Christmas Regular Saver from the bank has a variable interest rate of one percent – competitive in the current market.
It allows customers to deposit between £1 and £300 each month to build up their savings pot.
It also permits access to savings on one day in the year without penalty, or to close the account if required.
To be eligible for this account a person must be at least 16 years old, as well as a UK resident.
The account can be held solely by an individual, or jointly with someone else if they so choose.
With the cost of Christmas rising, many people will want to make financial plans to ensure they are secure.
According to recent research from Yorkshire Building Society, the average Briton spent £495 last year on decorations, food and gifts for the big day.
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It is hoped the account will encourage savers to cover the cost of Christmas and promote longer-term healthy saving habits.
By saving as little as £10 per week over the coming year, the cost of Christmas could be covered without the need to rely on any borrowing facility.
The Christmas Regular Saver matureson the anniversary of the account opening.
This will give savers the access to the funds they have saved in time for planning for next Christmas, and picking up a bargain in the Boxing Day sales.
Tina Hughes, director of savings at Yorkshire Building Society, said: “The cost of Christmas, for many, is growing each year.
“Our Christmas regular saver encourages people to save money and help to spread the cost to avoid unnecessary expense or worse, debt.
“For those that don’t save money regularly, using the regular saver will give shoppers a healthy sum to draw on for Christmas next year without having to rely on credit.
“With an average spend of almost £500 last year, saving as little as £10 a week will easily cover the cost next year.
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“It will also show that saving regularly is achievable and if the habit is maintained after Christmas, it will help start to build up a healthy savings pot.
“We don’t want to tell people how to spend their hard-earned money but covering the cost of Christmas, for many, can be quite daunting and stressful.
“Regular savings accounts are one way we can encourage our members to establish healthy savings habits.
“It’s also no secret that savers are having a tough time at the moment with unfavourable market conditions, so we’re really proud that this new account, while promoting saving little and often also offers a competitive return.”
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