Added: 1 November 2016
Ipswich Building Society launches festive savings account
Christmas saving with the Society a boost to local charities
Ipswich Building Society has launched a unique Christmas Saver account, allowing members to earn interest on savings for the festive period while the Society makes an additional annual contribution to a local charity.
For early birds already planning ahead to next Christmas, the limited availability Christmas Saver account will pay 0.5% variable gross for balances of between £10 and £2,000 and will allow members instant access to their savings during October, November and December. For the remainder of the year withdrawals will be subject to an interest penalty of 30 days. Additional investments are welcome throughout the year up to the maximum account balance.
The account's unique feature occurs annually on the 1st October, when the Society will calculate 0.10% of average Christmas Saver account balances held during the year, and make a festive donation of the same value to provide presents or food items to a local Suffolk charity. The Society will choose a local beneficiary each year, with the bonus donated by the Society and not from any member funds.
Commenting on the launch of the Christmas Saver, Paul Winter, Chief Executive, said: “We’re continuing to innovate around savings products and know that many of our members save throughout the year to prepare for their festive celebrations. With the additional charitable donation, our members can also help us to support those in need in our county at Christmas time.”