Skipton Building Society has launched a new Christmas Saver Account for next year.
The new account requires savers to pay in £10 to £250 each month between now and November 24th 2009.
It offers a variable rate and the account matures in November next year, giving customers a month to do their Christmas shopping.
Steve Aldous, general manager of sales & marketing at the society, said: "Christmas is always expensive and in such a gloomy economic climate it makes more sense that ever to save for it."
He added that the flexibility given to customers means they can keep saving even if they receive an unexpected bill.
The account does not allow customers to withdraw any cash until it matures.
Meanwhile, according to new research by Birmingham Midshires, 78 per cent of Britons are taking steps to cut the cost of Christmas this year, with budgets reduced by £102 on average this year.
