Banking/Savings Section

For Next Xmas - A Proper Savings Club

January 2007

After the Farepak Christmas Club debacle (the firm went bust and savers lost around 90% of their cash) here’s a Christmas Club type savings account which not only looks good but there's some real financial security offered because it's a Building Society.

The Skipton Building Society’s Christmas Saver Account

• A great interest rate of 6.8% which beats the 5% offered by the Scarborough Building Society’s similar offering
• The account is available from 15th January 2007
• Minimum deposit is £10 a month – Maximum is £150 (maximum deposit over the year is therefore £1,800)
• The money cannot be accessed until 25 November 2007
• Note, that on 24 November 2007 the account gets switched to an Instant Access account which only pays around 3% interest

Summary

This looks like a great Savings account although it won't actually pay 6.8% interest over the year because you can only deposit a maximum amount per month (£150).

Still, even if you take this into account the interest rate is still very good and overall we like the account. We love the financial security that a Building Society offers and the fact that customers cannot access the money until a month before Christmas - many of us can't be trusted :)

For ex Farepak customers or those who like the idea of regular saving for Christmas this account is hard to beat.

Strangely though there is no mention of this account on the Skipton's website so perhaps it's best to call them on 08457 171 777

See Also

• Skipton Building Society
• Find's list of Savings Accounts