Expert: Still time to boost savings before Christmas

Expert: Still time to boost savings before Christmas

An expert has said that people can still save for Christmas.

There is still time for people to boost their savings accounts such as ISAs and fixed rate bonds before the festive period gets underway, an expert has advised.

According to Mark Bower, managing director at online resource Money Maxim, with there being just under two months until Christmas, now may be the right time for consumers to start thinking about stashing more cash in order to be able to deal with the additional costs many will encounter around the time of December 25th.

Mr Bower said that although there is insufficient time left to save massive amounts, "it's surprising what can be achieved" even in a matter of weeks.

"If you normally buy a frothy coffee every day costing 2.40 from Costa, why not start using the kettle - that will save you almost 100 before Christmas," he commented.

This comes after research by NS&I showed that Britons are feeling pessimistic about their ability to save funds before the end of the year.

Norwich and Peterborough Building Society has announced the launch of a new savings account.

This development - which was revealed today (November 12th) - may be of note to anyone who has been looking to compare savings on products such as fixed bonds in the recent past, as the financier's fourth version of its E-saver package has a variable interest rate of 2.80 per cent.

In addition, the lender is also offering a gross annual equivalent bonus of 1.60 per cent, which will be awarded to the customer on the first anniversary of the deal being taken out.

Gary Lacey, savings product manager at Norwich and Peterborough, commented the product represents a "great savings account for people who are looking to make their money work hard for them".

Meanwhile, the deal may be of particular interest to older people, as Ed Bowsher of Lovemoney.com believes this cross-section of society will curb their spending habits before other groups.

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