Customers at Tesco, Asda, Morrisons, Sainsbury’s, Iceland, and Co-op can take advantage of Christmas bonus schemes designed to stretch your shopping budget further. And Martin Lewis is urging shoppers to check them out.
The schemes typically allow savers to gain bonuses of up to six percent of their saved amount, although some have a maximum cap. MoneySavingExpert’s Mr Lewis has recommended that shoppers consider the options, reports the Manchester Evening News..
He remarked: “Supermarket saving stamp schemes offered by Tesco, Asda, Iceland, Sainsbury’s, Co-op and Morrisons aim to encourage year-long saving for Christmas. Yet the way they’re usually structured means there’s a loophole that lets you get a year’s bonus in a day.”
He added: “So you’re better to save and earn interest in normal top easy-access savings, then just dunk what you’ll spend in that store into most schemes the day before their ‘bonus day’ and they add the bonus anyway. Of course, this must all then be spent in that store, so it’s only a winner if that’s what you’d do anyway.”
For those opting to save this way, most use booklets or electronic cards as their saving medium, topping up as the year progresses and spending under each store’s respective rules. Money Saving Expert has previously cautioned against using them for long-term savings as they don’t yield any interest. They also lack the protection of the Financial Services Compensation Scheme.
Instead, it recommends using a regular bank account to save your money as you earn interest and your money is secure. After that, transfer any funds into the schemes just before the deadline.
Here’s what the supermarkets are offering and how to utilise the schemes. But note, most have deadlines looming to allow people to spend their money before Christmas.
Tesco
The Clubcard Christmas Savers Scheme offers a maximum bonus of £12 (six per cent of deposit). However, the deadline is just days away as you need to have made your deposit by 11.59pm on October 17 with the bonus paid in November which can then be spent on the Tesco website, in store or on petrol.
You can top up your account at the customer service desk in most Tesco stores if you have a Tesco Clubcard. The smallest bonus is worth £1.50 when you save between £25 and £49.50, and the biggest is £12, which you get when you save between £200 and £360.
Asda
The Asda Christmas Savings Card offers a bonus of up to £15 – 5.35 per cent of deposit. You need to pay in by 5pm on November 10 to be paid on November 11.
The scheme operates through a gift card and is valid both in-store and online – you can also spend and top it up in both places. Additionally, you could bag an extra £5 bonus via Asda’s rewards app if you transfer your Saver Cashpot to its Christmas Saver Cashpot by November 3, which you can use to spend in store or online between November 8 and December 31.
Iceland
The Iceland Bonus Card offers a maximum bonus of £50 – or five per cent of your deposit. There is no deadline for paying in and the bonus is credited within 24 hours.
You can obtain a physical card in store, or a digital card online or via its mobile app, and top it up in store or online. The card is also operated all year round with a bonus of £1 for every £20 saved. However, you must have a bonus card to avail of the offer.
Sainsbury’s
The Sainsbury’s Christmas Club Card provides customers the opportunity to earn a £25 bonus. You can start saving in January but as long as you have at least £50 in your account before November 1 and pay in the rest by 11.59pm on November 1.
You will receive five per cent of your savings equivalent to £2.50 for every full £50 of savings as a bonus – up to a maximum of £25. You can activate and save onto the card at Sainsbury’s in-store checkouts and self-service tills (but not online), and it can be used both in store and online at Sainsbury’s and Argos. You must register your card to manage it online.
Co-op
The Co-op Christmas Stamps Scheme offers a 4.16 per cent return on deposits, with no maximum bonus limit. The scheme runs throughout the year and there’s no deadline for contributions.
The bonus will be paid by December 23. To participate, you need to collect a paper stamp book in store and complete it by purchasing 48 £1 stamps.
Morrisons
The Morrisons Digital Christmas Saver offers a maximum bonus of £6 (3.1 per cent of deposit). Savers must have their money in the pot by October 31, with the bonus being paid out on November 1. A Morrisons’ More account is required to redeem your bonus.