Abbey encourages smokers to save

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Abbey encourages smokers to save

Abbey is urging Britain's current and former smokers to save the money they spend on cigarettes

The bank estimates that an average 20-a-day smoker spends £170 per month on their habit and suggests that the cash could be put to better use.

July 1st marks the first anniversary of England's smoking ban and many smokers chose that day last year to give up the habit for good.

Abbey estimates that a 20-a-day smoker could have built up a whopping gross balance of £2,119.26 since the smoking ban simply by paying the money they spent on cigarettes in a high interest paying savings account such as the Abbey Fixed Rate Monthly Saver, which currently pays 7.25 per cent gross fixed for one year.

Paying cash into a six per cent tax-free Abbey Direct ISA, a leading cash mini ISA, would have built up £2,099.84 over the course of a year and the money could be used by smokers to ease the burden of the credit crunch by helping them to overpay on the mortgages and reduce their lending term.

Reza Attar-Zadeh, Abbey director of savings and investments, said: "It goes without saying that giving up smoking is not only great for your health but also for your bank balance. Using the saving wisely could knock years off your mortgage."

Abbey, the sixth largest bank in Britain, has been part of Spain's Santander Group since 2004 and claims that one of its aims is to become "the best bank in the UK".ADNFCR-323-ID-18653741-ADNFCR

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