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Bank charges: Brits raid savings in the run-up to Christmas

Brits have been raiding their savings accounts in the months running up to the festive Christmas, according to a new report.

Halifax Savings found that in the three months to the end of November, people have headed to their savings to take out an average of £1,186 to pay for surprise costs and bills.

At the same time, consumers have only been able to save £555, which is less than half the average spent.

To stop themselves from raiding their savings too much, 72 per cent of Brits try to set a buffer limit, which they aim to keep their savings above, while 34 per cent try to cut back on other costs.

However, a quarter (27 per cent) do not even try to stop themselves from venturing into their savings, which could mean they struggle to afford bank charges and other costs further down the line.

"At this time of year people often use their savings to buy gifts so taking simple steps, such as having different savings accounts for different purposes, can be an effective way to stop hard-earned savings being spent on things they aren't intended for," said Richard Fearon, head of Halifax Savings.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801507581-ADNFCR



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