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First direct encourages Christmas savers

With 9% of people saying they will spend more than £500 on Christmas gifts for their immediate family, first direct has identified a way to save money in time for the festive season.

Its research shows that by cutting out a few treats each week, people could save more than £625 by Christmas.

It noted that the penchant for a daily designer latte is likely to set people back around £2.90 a cup, equating to £130.50 in the run up to Christmas. Diet cola is another favourite, and with a 500ml bottle costing as much as £1.50, the bank claims consumers could save £67.50.

According to the company, savings of around £69.50 per week could exceed £3,640 in just 12 months with its eISA at 2.70% AER, fixed until the end of January 2013.

Bruno Genovese, head of savings at first direct, commented: “In the run up to Christmas cutting out a few treats really translates to a sizable sum which could be put towards presents and parties.

“For those wanting to get a head start on next year who haven’t already used their tax free ISA allowance, the first direct eISA could allow enough to be put by to make next year’s gift a skiing trip for the family.”

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