Christmas Savings Account Uk

If you want to take charge of your finances and avoid end of the year debt setting up a short term christmas club savings account could be a good option.

Christmas savings account uk.

But if you re considering signing up to a christmas savings club beware. If you save for christmas in a bank or building society savings account your savings will earn interest and your money is protected by the financial services compensation scheme. The lender has a christmas 2020 regular saver with returns of 2 7pc on a maximum of 1 500 saved. A christmas club account isn t all that different from your standard savings account.

Best online savings accounts. This account can be. You just deposit money as. A short term savings account for christmas.

Lump sum deposits may be made at any time into the christmas savings account subject to any applicable limits and can be made by cash deposit bank transfer or. Low rate of return. To help plan ahead simply open an account and save money every week fortnight or month so that come november when you re looking to start christmas shopping or you re organising festive treats and fun nights out you have money available and ready to use. But for many people it s a psychological thing a christmas club is a set it and forget it account to save strictly for christmas presents compare.

The christmas savings account is locked until mid november at which point savings can be withdrawn. Low risk means low reward and savings accounts and christmas club accounts will provide a lower rate of return than riskier investments like stocks. Christmas club accounts may charge fees for withdrawing early and traditional savings accounts often charge fees for making more than a certain number of withdrawals per month. While we know the clubs help some with the discipline of saving a diy christmas savings plan may be better instead.

T he lone christmas branded deal is from principality building society. With the christmas savings account you can spread the cost of the festive season by saving throughout the year. It s a safe space that s dedicated to saving money just for the holiday season. If it goes bust as farepak did you could lose cash and there are other pitfalls too.

With the average family christmas costing 800 saving up for it in advance is a great idea. Requests to withdraw christmas savings before the unlock date subject to approval.