Tuesday 27th March 2007
Halifax has announced the forthcoming launch of a new Christmas savings account for low-income households.
Available from May, the new account will allow holders to save between £5 and £100 every month until October, at a rate of interest set at 5.2 per cent.
However, in order to maintain the account at least £5 must be saved every month.
"A minority of people in the UK are outside the financial system," said Shane ORiordain, general manager of group communications at Halifax.
"This can create real difficulties for them, especially at times like Christmas," he added.
In October, funds may be withdrawn from the account in the form of high street vouchers or cash.
In addition to social banking services, Halifax also offers financial products such as credit cards and personal loans.
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