Despite Christmas being months ahead, UK banking giant Halifax is launching a new savings account in May 2007 to help consumers slowly accumulate money, specifically for spending during the festive season.
The new Halifax Christmas savings account is aimed at low income households and will be trialed through a mailing of 10,000 of the group’s social banking customers. This is a first-of-its-kind product offered by the high street bank.
The account will operate from May through to October 2007. Only GBP5 is needed to open the account, and thereafter a minimum of GBP5 is required every month. The maximum that can be saved every month is GBP100, offering customers the potential to save up to a maximum of GBP600 a year.
Furthermore, the new product offers a competitive 5.2% rate of interest. Once the account has concluded, customers will then be able to extract their savings in either cash or high street vouchers.
Shane O’Riordain, general manager, group communications at Halifax, said: A minority of people in the UK are outside the financial system. This can create real difficulties for them, especially at times like Christmas.
Our Christmas savings account is simple and easy to operate. At the same time, it offers a very competitive rate of interest. Customers will have the peace of mind that the Halifax stands behind this product.