Christmas Account

• The easy way to save for Christmas every pay day, straight from your pay, or by standing order from your bank
• Christmas savings earn a dividend 1% higher* than regular savings
• Save from just £2 a week or £10 a month
• Unlimited saving withdrawals during November and December
• More flexible than hamper companies or voucher schemes – shop wherever you wish!
• Savings are covered by the Financial Services Compensation Scheme, unlike many other Christmas Clubs
• A flexible way to save for Christmas – change the amount you save at any time
• Manage your Christmas Account online

*Dividends are not guaranteed. The rate payable is dependent on financial performance and voted on by members at the Annual General Meeting.

• The Christmas Account is for regular saving – no lump sum deposit payments are permitted
• To encourage saving for Christmas, no withdrawals can be made between 1st January – 31st October.
• Exclusive to Penny Post members, the Christmas Account runs alongside a member’s Regular Savings Account, and does not replace it.

• Open to members with a Regular Shares account.
• Regular saving deposits only – lump sum payments are not permitted.
• Maximum savings limits apply – £115 weekly or £500 monthly.
• Effective from 1st March 2021, member deposits are restricted to a total of £1,000 per month across all Penny Post accounts.
• A maximum balance of £500 can be carried over into the following year. Savings over £500 will be transferred to the member’s regular saving account in January.
• Unlimited withdrawals are permitted in November and December. If a withdrawal is required between 1st January and 31st October, the Christmas Account will be closed and any entitlement to dividend will be lost. The Christmas Account can be re-opened the following year.
• Savings in the Christmas Account cannot be used as security against a loan.
• The total balance in all your Penny Post saving accounts cannot exceed £50,000.
• Other terms and conditions may apply.

With all Penny Post saving accounts, members’ money is protected by the Financial Services Compensation Scheme (FSCS) currently to the value of £85,000.

Did you know many Christmas clubs, hamper companies and local saving schemes in pubs or societies, aren’t secure, and members’ money can be at risk? It’s not unusual to hear sad stories of people losing their money in such schemes. In 2006, thousands of people lost all their Christmas savings when Farepak Hamper Company collapsed.