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  • 23
  • Nov
  • 07

The Post Office is set to start a new Christmas savings initiative in a bid to bridge a gap in the market left by Farepak.

People taking part in the Post Office Christmas Club scheme will be able to put a maximum of £1,000 a year into their accounts from January 2008.

They will then be able to access the money the following November, using debit vouchers for stores which have signed up for the scheme.

Some 200 retailers ranging from supermarkets to travel firms are already set to take part in the initiative,

It is hoped the project will go some way to filling the gap left by Christmas hamper firm Farepak, which collapsed in the lead-up to Christmas last year.

Alan Cook, managing director of the Post Office, said: "We are responding to the need for a safe and convenient way for people to put money aside for Christmas.

"We have been working on this for many months to get the best scheme possible for our customers, to provide them with a way to save small regular amounts which ensures their cash is fully protected and looked after securely for the year until they need it at Christmas."

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3:44 pm | Categories: Money, New Products, Savings Accounts
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