Consumers offered accounts to encourage regular saving

The 2009 Christmas period may have just disappeared around the corner but this has not prevented Yorkshire Building Society's savvy savers from stashing away cash in preparation for its return in 2010.

More than 339 shopping days remain until Christmas but members of the society's Christmas saver account, which offers a fixed interest rate of 3.5 per cent gross/AER, have already accumulated over £3 million.

Aimed at helping consumers spread the cost of the next festive season, the savings account, which was opened earlier this month, will be withdrawn from the market on Saturday January 30th.

Up to £1,200 can be saved in the branch-based and postal account throughout the year until it reaches maturity at the end of December 2010, with as little as £10 required to open one.

Offering instant access to the money from December 1st 2010, just in time for the Christmas shopping, the account has no minimum monthly investment requirements and no penalty for not putting money in it.

Savers can choose to make as many payments as they like, whenever they are able to, as long as they do not go above the maximum total amount.

Commenting on the news, Sarah Lawrence, senior product manager for savings at Yorkshire, said it is "great news" that people are already getting into a habit of saving for the next festive season.

She said: "Whilst I'm sure next Christmas is the last thing on many people's minds, there's no better time than the present to start saving. A small amount put away each month from now will help ease the financial burden during next year's festivities.

"With the new Christmas Saver account our savers can be assured that their money will be working hard throughout the year until it's time to hit the shops."

Meanwhile, the Nottingham has also launched a new high interest-bearing savings account available through its branches as part of its efforts to encourage people to save more often.

The fixed-rate regular saver comes with a guaranteed interest rate of five per cent, fixed until February 2011, with an initial deposit of just £10 required to open an account.

According to the Nottingham's Clare Roberts, the product in which consumers can save up to £100 every month "is an excellent savings account" offering flexibility and an attractive rate of interest.

"We hope [it] will help to kick start the savings habit for those that have been meaning to put some money away regularly," she explained.

"By giving up something as simple as their daily cappuccino costing £2.20, many adults in our heartland of Nottinghamshire, Lincolnshire, Derbyshire and south Yorkshire could start building up money to buy something they have always wanted or just to save up for rainy day."