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Ex-smokers 'have healthier lungs and healthier bank balances'

By Sarah Engle, Wed 25 Jun 2008 - Published in Banking

Smokers who decide to give up the habit could save thousands of pounds, according to new research.

As the first anniversary of the smoking ban approaches, Alliance & Leicester revealed that those who puff away on 20 a day spend £2,065 annually on the vice.

But if they quit smoking and instead put the money in a high-interest savings account, in addition to being healthier, a total of £2,198 could be stored away as opposed to spent on cigarettes.

Alliance & Leicester said even those who smoke socially – approximately 20 cigarettes per week – could tot up £320 in savings over a year.

"We still spend billions of pounds on cigarettes each year - money which could help us cover the rising cost of living or could be set aside to build up a nest-egg," said Hetal Parmar, manager for savings at the building society.

Recent statistics from Moneyfacts highlighted the choice of savings accounts currently available.

It said these could be useful for those who want an extra incentive to give up smoking.