The Halifax Bank of Scotland is to launch a Christmas Savings Account aimed at low-income households in May.
The move comes months after HBOS was at the centre of controversy when about 150,000 people, including many on low incomes, lost about £35m when the Farepak Christmas hamper saving scheme collapsed. The bank provided an overdraft facility to Farepak's owner, European Home Retail.
The morality of the bank's actions was questioned after it emerged it recouped £28m of the £31m it was owed. It later donated £2m to the Farepak Response Fund.
A deposit of £5 is required to open the new account with a minimum of £5 a month thereafter. A maximum of £100 a month can be saved meaning customers can save a total of £600. They will be able to take their savings in cash or vouchers.
In January, administrators revealed that more than 113,000 victims and agents of the Farepak collapse - including about 30,000 Scots who lost an average £400 - have lodged claims totalling £39m.
The government has launched an investigation into Farepak's demise.
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