The New Post Office Christmas Club
The Post Office has decided to fill a gap in the Christmas Savings Club market that was left empty after the collapse of Farepak last year. People can start to deposit money into their Christmas Club accounts which will then become available to them from 1st November 2008.
I am sure many people will still be worried about depositing money into accounts like this after thousands of people were left short last year when Farepak went bust. People ended up with no money at all for their festive celebrations. However the Post Office, being a trusted brand, is unlikely to go bust and they guarantee that all savings will be in a protected account and only accessible by the customer themselves.
Deposits can range from £5 to £500 and customers will be able to use the money from next November by using a pre-paid debit card that will be issued to each Christmas Club account holder. Each card will hold a maximum of £1000 so you can apply for more cards if you reach the maximum limit.
Even though no interest will be added to the savings, the Post Office will be offering discounts and bonuses for Club members, one such incentive will be the option of buying gift vouchers without the usual transaction charge. The debit card will be able to be used in over 200 high street shops. All well known brands and shops will accept the card including Boots, WHSmiths, Argos, Woolworths and Debenhams.
This new scheme is a really convenient way for people to save up for one of the most expensive times of the year and it should help many people stay debt-free over the Christmas period in 2008.
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