Thinking Ahead – Prepare Now For Next Christmas

With Christmas and New Year right around the corner, many of us have found that buying the perfect gifts for loved ones, financing a few festive nights out and having to buy some tasty treats for Christmas dinner all adds up. With many struggling to cover all the commitments that Christmas demands, the thought of getting prepared in advance for next Christmas is quite a tempting one.

Simply saving a small amount each month throughout the year can mean a bit of extra money in our pockets come December 2012 and if that thought appeals to you, then get organised now!

Check out some financial comparison sites like where there are lots of options available to savers. Remember, the earlier you start, the more you will be able to save.

An account for Christmas

If you are looking specifically to finance next Christmas, one of the many new ‘Christmas saver’ accounts could be for you. These accounts are more popular than ever and are designed for savers who don’t want to touch their money until next December. There are a variety of providers, with accounts that differ slightly in their terms.

The Yorkshire Building Society, for example, offer a fixed rate of 3.5% on your savings and you can pay in a lump sum, with regular monthly amounts or simply deposit what you can, when you can. If you don’t mind a little more structure, accounts like the one from the Principality Building Society offer a higher interest rate of 5%, but you need to pay in between £20 and £300 a month for 12 months.

If next Christmas isn’t necessarily your saving focus, a regular savings account could be for you. If you are happy to pay in a monthly amount and aren’t looking to access your funds for at least a 12-month term, this type of saving will be perfect for you.

Serious saving

The market leaders in these types of accounts can offer anything from 4.1% up to 8% interest rates in some cases, based on your commitment to pay in regular monthly deposits. Some regular savings accounts ask for at least £10 a month being deposited, up to a maximum somewhere in the region of £250 a month.

If you’re simply saving for a rainy day and prefer having access to your funds whenever you may need them, choose an easy access savings account instead. As the name suggests, you can deposit as much as you like each month (in some cases accounts can be opened with as little as £1) and dip into your savings whenever you need to.

The best interest rates on the leading accounts come in around the 2.5% to 3.1% mark. However, there are plenty of easy access accounts on the market and using a financial comparison site can help you find the best options and rates for your requirements and style of saving.