The building society has today (28 December) launched a market leading Christmas Regular Saver account, helping people ease the strain on their festive finances for 2012.
The Society’s account, available via its branch network, pays a Best Buy interest rate of 4.25% AER/gross p.a. over a one year term. Customers must make at least ten monthly payments of between £10 and £250 up until 31 October 2012, while payments during November and December 2012 are optional.
And to allow plenty of time for that all-important Christmas spending, money can be withdrawn from 1 November 2012.
Stephen Leonard, the West Brom’s Divisional Director for Marketing and E-Commerce, said: “Christmas inevitably puts extra pressure on family budgets so making an early start on saving for next year makes real sense.
“Putting a small amount aside every month will help people build up a savings pot in time for Christmas 2012, which can then go towards paying for special gifts, stocking up on festive food and drink or even funding a Christmas getaway.”
The cost of Christmas this year was a huge worry for many families, as revealed by research conducted by the West Brom.
Its survey found 45% of the 3,000 consumers polled were more worried about paying for Christmas 2011 than previous years because of spiralling costs. Almost 65% believed Christmas was getting more expensive every year.
Stephen Leonard said: “Our research also showed how people are increasingly cautious about what they spend, with 73% saying they were not prepared to get into debt in order to cover the cost of Christmas.
“The West Brom’s Christmas Regular Saver reflects this by offering a fantastic Best Buy rate of 4.25% AER/gross p.a. that encourages people to save in advance rather than borrow and pay more in the long term.”
Christmas Regular Saver:
- 4.25% AER/gross p.a. fixed until 31 December 2012
- Minimum investment of £10 per month, maximum of £250 per month
- Payments in must be received in each calendar month to 31 October 2012 but are not required in November and December 2012
- Withdrawals or closure permitted with effect from 1 November 2012 to maturity (31 December 2012)
- Open to new and existing West Brom customers aged 16 or over
- Apply in any West Brom branch