Christmas Saver - get ready for some festive feel-good!
Christmas – the most expensive day of your year?
We all know Christmas happens once a year. But the build up seems to start earlier and earlier - and with Selfridges opening its Christmas shop at its flagship Oxford Street store on 1 August that’s 146 days of snowglobes, sleighbells and singing Santas!
A 2015 study by YouGov found that British households expected to spend £796 on Christmas, with the biggest expense being gifts at £596, followed by food and drink at £159 and finally £41 on assorted extras such as cards. With children in mind, this year Amazon’s top three toys for Christmas are the Barbie 3 Story Townhouse (£82.99), WowWee CHiP Interactive Robot Dog (£199.99) and Furby Connect Pink Toy (79.99). Adding up to a whopping £363.97 it’s easy to see how the costs mount up.
That’s a lot of money for one day – how do people pay for it?
Aviva reported in December 2015 that two in five (41%) UK adults put money aside to help pay for Christmas costs, with an average of just under £420 per person. However the remaining 58% do not put aside any money to help pay for Christmas, and 52% do not set a budget for their festive spending.
For those turning to credit cards the British Bankers’ Association (BBA) published figures in January, finding UK consumers were less reliant on their credit cards to fund Christmas shopping in 2015 than they were a year earlier – 262m credit card purchases with a collective value of £13.7billion were made in December, 3% down on 2014.
How it works
This savings account pays you an interest rate just like any other account. However, as this is a charity support account, as at 1 October each year we will calculate 0.10% of average account balances held during the year 1 October to 30 September. We will then contribute this amount to donate Christmas presents or Christmas food items to a Suffolk charity. This is a donation from Ipswich Building Society and not from any members' funds deposited with us.
The charity for 2017 will be announced in the New Year. Details of donations made will be included in our Freehold Post email newsletters and on our website.
You can open a Christmas Saver account by visiting a branch or contact us to find out more.
|Account Name||Christmas Saver|
|What is the interest rate?||
0.50% Gross* / AER**
Interest is added to the account annually on 30 September.
|Can the Society change the interest rate?||
The interest rate is variable, which means we reserve the right to change them to reflect market conditions, to comply with legal or regulatory guidelines and to protect the long-term future of the Society.
We will give you 14 days’ notice before any change that would disadvantage you, provided you had a balance of £100 at the time of writing. For full details please read our General Investment Terms and Conditions.
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
Based on the current rate of interest, if you deposited £1000 into this account, after 12 months you would have £1005.00.
(This figure is only an estimate, based on there being no additional deposits or withdrawals in that time with all interest being added to your account. This figure is for illustrative purposes only, and does not take into account your individual circumstances).
|How do I open and manage my account?||
This account is only for UK resident individuals aged 7 or over and available to all members or for new members, resident in postcode areas IP, NR, CO, CM, CB and PE only. An individual is only allowed to be the sole or first named account holder on one Christmas Saver. However, you can also be the second named account holder on one joint account.
The minimum amount to open an account is £10. The overall maximum is £2,000. Additional investments can be made up to the maximum balance.
|Can I withdraw money?||
You can make full or partial withdrawals without notice or interest penalty between 1 October and 31 December each year. Outside of this period full or partial withdrawals are subject to 30 days' interest penalty on the amount withdrawn.
After a partial withdrawal, if the balance falls below £10 the account may be closed without notice or penalty and transferred to another account in our current range.
This is a summary of the key features of this account. You will still need to read the savings Terms and Conditions.
How does the Christmas Saver support charity?
Please note that this is a donation made by Ipswich Building Society and not from any member funds deposited with us.
*Gross - The rate paid without interest deducted. For more information on your Personal Savings Allowance, please refer to www.gov.uk.
**AER (Annual Equivalent Rate) - A notional rate which illustrates what the gross rate would be if the interest was paid and compounded once per year.View previous rates
|Balance||Variable Previous AER||Variable Previous Gross|
|No Previous Rates|
I accept the Terms and Conditions
Eligibility: I am an existing member or a new applicant residing in the following postcode areas; IP, NR, CO, CM, CB, PE
I declare that I will print out, read and retain the Financial Services Compensation Scheme (FSCS) Information Sheet which is attached to the application form
Please note: for new members we can confirm your identity electronically, however if you are not on the electoral roll we will need further proof of your identity. Please click here for acceptable forms of identification.
Investment Application Form and FSCS Information Sheet