September 18th 2023.
Are you already thinking about Christmas shopping? We are now less than 100 days away and it might be a good time to start planning. Christmas can be a costly season, with travel, food, and gifts. To help people spread the cost, supermarkets in the UK have started to offer Christmas savings schemes.
So what are these schemes and which ones offer the best value? Here is what you need to know.
Supermarket savings schemes allow customers to contribute a small amount each week or month and receive a bonus payout just in time for Christmas. Many retailers also offer bonus payouts or incentives for customers who participate in these schemes, which can help stretch their savings even further.
One of the advantages of taking part in these schemes is that you can spread the cost of Christmas over a longer period. However, it's important to remember that most of these schemes are not protected by the Financial Services Compensation Scheme, so if your provider goes bust, you could lose any money you had in the account.
Which supermarkets have Christmas saving schemes? According to Which?, several of the UK's leading supermarkets offer savings schemes.
Iceland's Bonus Card is open all year round and customers can save up to a maximum of £50. Asda's Christmas Savings Card allows customers to earn up to £15 as a cash bonus spendable during December. Sainsbury's Christmas Club Card gives customers the chance to save money with the card in-store and online at Sainsbury's, as well as at Argos. Customers can save up to £1975 but will only receive a bonus on the first £500. Finally, Tesco Clubcard's Christmas Saver Scheme gives customers the option to join the program. Customers must opt in before October 18 to receive their bonus in November and the maximum bonus they can receive is £25.
The Co-op Savings Stamps scheme allows customers to buy a stamp book for £48 and receive a bonus of £2. This scheme can be used all year round and can only be traded in during December.
Christmas savings schemes are a great way to spread the cost of Christmas. Whether you plan to use one of the schemes mentioned above or look for one offered by another retailer, it's worth doing your research to find one that works for you.
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