Why You Should Start Saving For Christmas 2022 Now | moneyfacts.co.uk

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Derin Clark

Derin Clark

Online Reporter
Published: 01/11/2021

Shops and supermarkets are stocked full of Christmas decorations, gifts and food as the festive shopping season starts, but while many consumers may be focusing on Christmas 2021, now is the ideal time to start saving for next year’s Christmas.

One of the best ways to manage the cost of Christmas without incurring debt, is to be prepared and having savings already stashed away, and gaining interest, in preparation for the festive period.

After the last 18-months that has seen savings rates hit record lows, average rates on savings accounts are now starting to rise, so now is the ideal time for savvy savers to open a savings account to start stashing away money for next year’s Christmas.

Consumers who are good at saving may want to open an easy access savings account that allows unlimited further deposits that they can specifically dedicate to their 2022 Christmas fund. The current top easy access savings rate is from Cynergy Bank which pays 0.66% AER, which includes a 0.36% bonus for 12 months, on its Online Easy Access Account (Issue 42).

Feature: easy access savings accounts

    • Saga Easy Access Savings Account
    • 0.60% AER (includes 0.10% bonus for 12 months)
    • £0 minimum opening deposit
    • Interest paid monthly
    • Open online
    • Manage online
    • Operated by Goldman Sachs International Bank
    • Online Flexi Saver
    • 0.58% AER
    • £5,000 minimum opening deposit
    • Interest paid monthly
    • Open online
    • Manage online

Eligible deposits with UK institutions are protected by the Financial Services Compensation Scheme (FSCS) up to a maximum level of protection of £85,000 per person per institution. All new savings or bank accounts provided to UK customers are now covered by the FSCS.

Quick links are where we have an arrangement with a provider so you can move directly from our site to theirs to view more information and apply for a product. We also use quick links where we have an arrangement with a preferred broker to move you directly to their site. Depending on the arrangement we may receive a modest commission either when you press a 'Go to Provider' or 'Speak to a Broker' button, when you call an advertised number or when you complete an application.


All rates subject to change without notice. Please check all rates and terms before investing or borrowing.

Meanwhile, savers who struggle to regularly save may want to consider opening a regular savings account. These accounts require savers to deposit a pre-specified amount each month into the account, which can help those who normally struggle to establish a savings habit. Those considering opening a regular savings account should check that the account has a 12 month term, or if money can be withdrawn from the account before next year’s festive shopping season begins. As well as this, savers should note that interest on these accounts are paid differently to other types of savings accounts – more information about this can be found here.

The top rate currently being offered on regular savings account without opening restrictions is 2.00% AER on accounts from Newcastle Building Society and West Brom Building Society. Meanwhile, some banks and building societies launch regular savings accounts specifically designed for those saving towards Christmas, such as Yorkshire Building Societies’ Christmas Regular Saver.

Compare the best regular savings accounts

Visit our regular savings accounts comparison chart to compare all the best regular savings accounts currently available. 

Best Christmas borrowing options

Although consumers should avoid borrowing to pay for Christmas, those who do not have savings to meet the full cost of the festive season should consider using a 0% purchase credit card. A 0% purchase credit card offers an interest-free period in which borrowers can repay outstanding balances on the card. The length of the interest-free term varies and interest is added to any outstanding balances once the interest-free period ends. Consumers considering using a 0% purchase credit card should aim to repay the balance in full, or clear as much of the debt as possible, before the interest-free period ends.

Compare the best 0% purchase credit cards

Visit our 0% purchase credit card comparison chart to compare all the best 0% purchase credit cards currently available. 


Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfacts.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

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