Many supermarkets have Christmas saver schemes that allow you to set aside funds during your weekly shop and then claim a festive season bonus.
Here, we take a closer look at how much you can earn at Asda, Co-op, Iceland, Morrisons and Sainsbury’s and explain the risks involved.
What is a Christmas saver scheme?
Supermarket Christmas saver schemes allow customers to save money over time in loyalty cards or stamp booklets, which can be topped up in-store or online.
These schemes often offer bonuses for reaching savings milestones. The amount you can earn ranges from 3% to an impressive 5.3%, which is higher than the current top-rate instant-access savings account.
The reward usually comes in the form of vouchers or a card combining your savings and the bonus, which can then be spent in December, although some schemes offer spending all year round.
Most vouchers or cash bonuses can only be spent with the supermarket that runs the scheme, with the exception of Sainsbury’s, where the bonus can also be spent at Argos.
Find out more:How much can you save?
Here we’ve summed up how much of a bonus you’ll get depending on what you save. The schemes are listed alphabetically, and we've explained a bit more about how they work underneath the table.
Asda Christmas Savings Card
How it worksHow much you can earnWhen you get paid Apply:Co-op Savings Stamp
How it worksHow much can you earn?When you get paid ApplyIceland Bonus Card
How it worksHow much can you earn?When you get paid Apply:Morrisons Digital Christmas Saver
How it works How much can you earn?When you get paidApplySainsbury's Christmas Club Card
How it works How much can you earn?When you get paid Apply Find out moreWhat about Aldi, Lidl, Tesco and Waitrose?
Although Tesco has a Christmas saver scheme, it stopped allowing top-ups in April this year, meaning new customers can't benefit from an extra bonus.
Top-ups were available between 26 December 2023 and 1 April this year, so if you’ve already topped up, Tesco says your money will be held in a trust until the point it is used to provide your Christmas vouchers. Top-up and bonus vouchers will be sent to you in your November statement, along with your Clubcard vouchers.
Tesco’s website states it will update customers with its future Clubcard Christmas Savers plans 'as soon as we can'. So it's possible we'll see a new scheme launched in the coming weeks. We've contacted Tesco for more information and will update this story if we hear more.
Aldi, Lidl and Waitrose don’t have Christmas saver schemes.
However, Aldi and Lidl consistently rank as the cheapest supermarkets in our monthly analysis, meaning you might save more by shopping with them than you would earn as a bonus through other supermarkets' schemes.
Find out more:Is your money safe?
Some providers, including Iceland and Tesco, do leave your money in separate ringfenced accounts. It's worth checking the terms and conditions carefully before you sign up if you're concerned about this.
Would you be better off with a savings account?
If you want to earn some extra money in time for Christmas, it might be worth considering an instant-access savings account. This means your money will be protected by the FSCS and you'll have more flexibility to spend your money where you wish.
Many offer the option of paying interest monthly as well as the flexibility to dip into that income whenever you need it.
The current top rate for a monthly interest instant-access account comes from Cahoot, which offers 5.2% AER and only requires a minimum deposit of £1.
Find out more:
source https://www.which.co.uk/news/article/could-you-earn-more-with-a-supermarket-christmas-saver-scheme-than-a-savings-account-anVWt5X4J65g