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Could you earn more with a supermarket Christmas saver scheme than a savings account?
Supermarkets are offering bonus payments as high as 6% to put towards your festive shopping
Thinking about Christmas in August might feel premature, but did you know that some supermarkets will pay you a 6% festive bonus for saving throughout the year?
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, Which? takes a closer look at how much you can earn at Asda, Co-op, Iceland, Morrisons, Sainsbury’s and Tesco 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 6%, 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: best and worst supermarkets
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 works Asda shoppers can save onto their card throughout the year, in-store or online, to receive a cash bonus.
How much you can earn The maximum bonus is £15. You’d have to save at least £280 to get that, which is equivalent to an interest rate of 5.3%. The smallest amount you can put away is £30, which would get you a bonus of £1, equivalent to 3.3%.
When you get paid The last point at which you can top up your card is 5pm on 10 November. You’ll receive the bonus by 9am on 11 November.
Apply AsdaGiftCards.com
Co-op Savings Stamp
How it works Shoppers can buy stamps in-store for £1. Once a stamp book is completed with 48 stamps, you’ll receive a bonus. You can buy as many stamps as you want and spend them at any time of year.
How much can you earn? For every completed stamp book you get £2, which is equivalent to a bonus of 4%.
When you get paid The scheme runs all year round, so there's no cut-off date for buying stamps. You’ll only be able to spend your bonus for any completed stamp books in December.
Apply In-store.
Iceland Bonus Card
How it works You can top up your Bonus Card in-store or online, and you'll receive a cash bonus on top. The scheme is open all year round, and those who pay with their Bonus Card can also receive in-store discounts.
How much can you earn? You get a flat £1 for every £20 saved, which is equivalent to a bonus of 5%. The maximum you can hold on your card is £1,000 (including bonuses).
When you get paid The bonus will be paid within 24 hours. Any bonus will automatically expire after 24 months from the last date you used your card.
Apply Iceland.co.uk
Morrisons Digital Christmas Saver
How it works You can buy digital Christmas saver stamps throughout the year at Morrisons stores, but not Morrisons Daily convenience stores. You’ll need to be a member of Morrisons More, its loyalty scheme, to purchase the stamps.
How much can you earn? Morrisons offers a maximum bonus of £6 when you save at least £197 – a 3% bonus.
When you get paid Your Christmas saver vouchers will be totalled on 31 October. If you purchase any after this date, they will go towards your 2025 balance. You can either get these vouchers sent as an e-code to use online or loaded onto your Morrisons More account.
Apply In-store.
Sainsbury's Christmas Club Card
How it works You can save onto this card in-store throughout the year, and you get a cash bonus. The money saved on the card can then be spent in both Sainsbury's and Argos, including online.
How much can you earn? You’ll get £2.50 for every £50 saved, which is equivalent to a bonus of 5%. The maximum bonus you can receive is £25.
When you get paid You’ll need to top up your card by 1 November to receive the bonus by the end of November. The expiry date of the bonus will be printed on your card.
Apply Sainsbury's in-store
Tesco Clubcard Christmas Saver
How it works New Tesco Clubcard members will get the option to become a Clubcard Christmas Saver. If you’re already a member, you can opt in online under ‘voucher schemes’. You can top up your account online via the app or Clubcard website. The bonus you receive will be in the form of vouchers.
How much you can earn? The maximum bonus is £12 but you’d have to save at least £200 to get that, which is equivalent to 6% in interest. The smallest amount you can save to qualify for a bonus is £25, and you’ll get £1.50 in returns, also equivalent to 6%. The maximum amount you can save is £360
When you get paid You’ll need to opt in before 17 October to receive your vouchers in November. Clubcard vouchers and top-up vouchers are valid for two years, and bonus vouchers are valid for two months
Apply Tesco.com
- Find out more: supermarket loyalty schemes compared
What about Aldi, Lidl, and Waitrose?
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: cheapest supermarket 2024
Is your money safe?
Unlike with savings accounts, money saved into supermarket schemes is not protected by the Financial Services Compensation Scheme and most balances are not refundable. This means if one of the supermarkets went bust, you would lose your money.
Some providers, including Iceland and Tesco, 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: best savings accounts
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