Are Christmas savings account worth it?

Curious if this is something I should have in place for 2011. Are there any benefits, or is it just a marketing idea devised by the banks?

Asked by rollingstonesal

1 Answer

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
To a degree yes it is a marketing hype but that doesnt mean you shouldnt take advantage!

if the terms of the account suit you, does it really matter that its called a christmas account (unless if it offends in some way) in the past there were often good savings accounts to supporters of certain football clubs with some money being paid to the club in recognition (these were historically with smaller local building societies).

usually the only time you might fall foul of these accounts are the ones marketed to first time buyers as they might link the savings rate to insisting that you apply for a mortgage with the same company, although the savings rates might be good, the mortgage ones might be useless.

Basically, if once you have read all the terms and conditions, if there is nothing screaming at you to stay away, it will probably be a good idea.

and looking on the bright side, wouldnt you rather spend your own money on next christmas as opposed to "hoping" that you will be accepted for that 0% credit card next November? | 12.30.10 @ 23:54
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$commenter.renderDisplayableName() — {comment} | 09.24.17 @ 19:12
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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