Christmas accounts can save your holidays

It is too late to take full advantage of a Christmas savings account for this festive season but these specially branded savings accounts might be worth checking out for future years.

The main feature of Christmas Club accounts is that they restrict access to the account so you can withdraw from the account only during the Christmas period.

What they don't offer is the best possible interest rate on your savings. With a bit of discipline you can achieve the same savings result with a high-interest savings account.

Most online savings accounts don't charge a monthly fee or have a high minimum deposit, so your comparison should begin by comparing the introductory interest rates and ongoing standard variable interest rates.

Source: Sydney Morning Herald