Savings accounts to suffer this Christmas, claims Santander

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Savings accounts to suffer this Christmas, claims Santander

Wed 22nd Dec 2010

A representative from Santander has suggested savings accounts in the UK are set to be raided over the Christmas holidays.

Reza Attar-Zadeh, director of savings and investments at the firm, called on consumers to avoid spending too much during the festive season.

He explained that individuals who manage to leave themselves in a reasonable financial position for the new year will be able to start saving again in 2011 without too many problems.

Mr Attar-Zadeh said: "While many people have decided to rein in their spending this year, Christmas still looks set to make a significant dent in the nation's savings."

Santander claimed that people will withdraw an average of £212 from their savings accounts to pay for Christmas, although 62 per cent of consumers are cutting back on the amount they spend this year.

Last week, the company's head of current accounts Gillian Almond urged consumers to consider switching to the financial services provider due to the preferential rates its clients receive on several products.

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