Time running out for free cash from Tesco, Asda, Morrisons, Sainsbury's, Iceland and Co-op
The build up to Christmas can be a stressful and expensive time for many, but some of the biggest supermarkets are offering customers a chance to boost their spending with these offers
by Elaine Blackburne · ChronicleLiveWith the festive season fast approaching, Brits are facing higher costs for Christmas essentials like gifts and food. Fortunately, major supermarkets like Tesco, Asda, Morrisons, Sainsbury's, Iceland, and Co-op offer Christmas bonus schemes that can bolster your budget.
These programmes allow you to save in advance and earn a bonus of up to six percent or enjoy capped rewards. Finance guru Martin Lewis has recommended shoppers consider these options, explaining: "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 advises, "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."
Those interested can partake through booklets or electronic cards, contributing steadily throughout the year and spending according to each store’s specific guidelines.
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, reports the Manchester Evening News.
Instead, it recommends using a regular bank account to save your money as you earn interest and your money is secure. You can then transfer any funds into the schemes just before the deadline.
Here's what the supermarkets are offering and how to utilise the schemes. However, most have deadlines looming to allow people to spend their money before Christmas.
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Tesco
Tesco's Clubcard Christmas Savers Scheme comes with a maximum bonus of £12 (six per cent of deposit). But 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
Asda's 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 via a gift card and can be used both in-store and online - it can also be topped up in either location. Additionally, you could receive an extra £5 bonus through Asda's rewards app if you transfer your Saver Cashpot to its Christmas Saver Cashpot by November 3, which can then be spent in-store or online between November 8 and December 31.
Iceland
Iceland's Bonus Card offers a maximum bonus of £50 - equivalent to five per cent of your deposit. There is no deadline for deposits 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 available all year round with a bonus of £1 for every £20 saved.
Sainsbury's
However, you must possess a bonus card to avail of this offer. Sainsbury's Christmas Club Card provides customers with the opportunity to earn a £25 bonus.
You can begin saving in January but must have at least £50 in your account before November 1 and deposit the remainder 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.
The card can be activated and topped up at Sainsbury's in-store checkouts and self-service tills (but not online), and 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 no maximum bonus, but savers will receive 4.16 per cent of their deposit back. There's no deadline for deposits and the bonus will be paid by December 23.
Savers must collect a paper stamp book in store and fill it by purchasing 48 £1 stamps. The scheme operates throughout the year.
Morrisons
Morrisons' Digital Christmas Saver offers a maximum bonus of £6 (3.1 per cent of deposit). Savers must have the funds in the pot by October 31 and it will be paid out on November 1.
A Morrisons' More account is required to redeem your bonus.
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