Residents in Furness and Barrow have been challenged to get their savings in order ahead of Christmas 2024.

The Furness Building Society launched a new savings scheme on Friday, January 12 to help plan people for a less financially stressful December.

The Christmas Regular Saver has a 'competitive' variable rate of 6.00% Gross/AER and only allows one withdrawal each year - preventing savers from dipping in and out of their funds, whilst still having access to their money when it is most needed. 

Lawrence Chan, Head of Savings Strategy at Furness Building Society, said: “We know the financial pressure many of our members feel in the run up to Christmas and our new Christmas Regular Saver has been created to help ease the strain.

"It offers the same benefits as a regular savings account but offers a very attractive interest rate."

Savers can open an account with as little as £1 and can make changeable monthly deposits from £1 up to £500 per month.

For example, if you were to open the account with the maximum opening deposit of £500, and deposit the maximum monthly deposit of £500 on the first day of each month, after 12 months you would have £6,196.46.

"The high interest rate, coupled with a limited withdrawal of one per year, means members are fully supported in their festive savings journey," Mr Chan added.

“As we all continue to feel the pinch caused by high inflation and the current cost of living crisis, we want to do everything we can to make the year ahead as stress-free as possible for our members.”

The Christmas Regular Saver is available now and can be opened by visiting your nearest Furness branch or by calling 0800 781 4311. 

The accounts are only open to those aged 16 and over, with participants having to be UK residents.