YOU HAVE YOUR SAY
EVERY week, Money Mail receives hundreds of your letters and emails about our stories. Here are some from our article about why you should think twice before locking money into a Christmas savings club: I DON’T understand why people are still doing these clubs. Open a bank account and put some money into it each month. You can then just use that account for your expected big spending periods, such as Christmas. D. W., Abergele, North Wales. IF YOU’RE going to put your money away and earn such little interest, you may as well invest in Premium Bonds for a year. You will get no interest whatsoever, but at least with ERNIE you have the chance of having a very nice Christmas! M. M., London. JOINING my local credit union is the best thing I’ve done. I have some money in an ordinary savings account and I have saved with Christmas clubs in the past. Credit unions are very good for helping you save your money and budget. C. B., Birmingham. I THINK people put their money into these Christmas schemes, rather than a savings account, because they maybe don’t trust banks or don’t know much about them. P. D., Grimsby. WHY choose these schemes when there are so many reputable banks and building societies? The interest is better and banks are far more flexible. Once you have saved enough money, you can spend it on anything you want rather than just Christmas gifts. P. T., Bournemouth. FOR goodness’ sake, just put your cash into a fixed-rate savings account! If you lock your money away into an account for 12 months, it will be available — with the interest — at the end of the year. Some regular savings accounts offer as much as 5 pc interest. T. P., Cheltenham. ÷ WRITE to Tony Hazell at Ask Tony, Money Mail, 20 Waterloo Street, Glasgow G2 6DB or email asktony@dailymail.co.uk