New research reveals early Christmas savings underway

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The Post Office highlights savings for the festive season began in earnest in July.

More than one in ten people (12 per cent) started investing in savings for Christmas as early as July, according to a study by the Post Office. The research indicates that the UK is becoming a more savvy nation when it comes to financial planning.

The findings, which have emerged from a new 'Alternative Census' carried out by the Post Office, revealed that despite the current economic climate, people are keen to ensure they have enough savings for the festive period. Christmas ranks in the top ten reasons for having savings, according to the study.

Holidays top the list of savings plans, with home improvements, a new car and weddings also making an appearance.

Stewart Fox Mills, Head of Post Office Customer Insight, said: "Although many people are stretched financially at the moment it is clear that we still have aspirations that we are saving carefully to achieve.

"Whether it's big things such as using savings to buy a house, through to budgeting for holidays, saving has become an increasingly important part of our financial planning."

In a bid to help savers reap the best financial rewards on their savings the Post Office has launched a new Online Saver account offering users a competitive interest rate. The account offers 2.75% gross*/AER** variable including a bonus guaranteed for the first 12 months.*** The savings account sees interest paid either monthly or annually and allows customers to transfer additional funds at any time by a direct debit card or transfer from a nominated account to top up their savings.

*Gross rates are fixed and do not take into account deductions of income tax
**AER stands for Annual Equivalent Rate and illustrates what interest a saver would receive if the interest was paid and compounded each year
***rate applies to annual interest option and includes 1.25% gross/AER fixed interest bonus for the first 12 months.

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