Which supermarket offers the best Christmas savings scheme?

It may be hot outside, but December is a mere 83 days away – which means it's time to start planning your Christmas budget. 

With December putting a strain on most household budgets, you might be looking for ways to start saving now - or to boost your existing pot. 

Many supermarkets have Christmas saver schemes that allow you to save throughout the year when you do your weekly shopping, and be rewarded with a bonus to spend during the festive season. 

Here, we take a closer look at how much you can earn through these schemes, explain the risks involved, and give advice on how to budget for Christmas.

What are Christmas Saver schemes? 

Supermarket savings schemes offer a way to save throughout the year and earn a top-up from the supermarket of 4-6%.

This comes in the form of vouchers or a card combining your savings and the bonus, which can usually be spent in December, although some offer spending all year round.

How much can you save?

Here we’ve summed up how much of a bonus you’ll get depending on what you save. 

We’ve listed the schemes alphabetically, and explain 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 £230 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 date you can top up your card is 5pm on 12 November to qualify. You’ll receive the bonus by 9am on November 13.

Apply at: AsdaGiftCards.com

• Find out more: what supermarkets and shops are doing to help with the cost of living 

Co-op Savings Stamps

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 discounts in-store. 

How much you can earn: You get a flat £1 for every £20 saved, which is equivalent to a bonus of 5%. The maximum bonus you can get is £50. 

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 at: Iceland.co.uk

Sainsbury’s Christmas Club Card

How it works: You can save onto this card in-store throughout the year, and you'll be awarded with a cash bonus. The money saved on the card can then be spent in both Sainsbury's and Argos, as well as online. 

How much you can 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 at: Sainsbury's in-store

Tesco Christmas Saver Scheme

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 at customer service desks in large stores or at the main checkout in Tesco Express stores. 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%. 

When you get paid: You’ll need to opt in before October 18 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 at: Tesco.com

• Find out more: how to spend less at the supermarket 

Make your money go further

Find the best deals, avoid scams, and grow your savings with our expert guidance. From only £4.99 a month, cancel anytime.

Join Which? Money

Is your money safe?

Any money saved with these 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. However, some providers do leave your money in separate ringfenced accounts. It's worth checking the terms and conditions carefully before you sign up. 

In April last year the government announced reforms that will mean savings club providers will have to fully safeguard customers’ money through insurance or trust accounts.

This will prevent scandals such as Farepark, which went under in 2006, and left 100,000 customers with nothing. 

This legislation will form part of the Digital Markets, Competition and Consumers Bill, which is currently making its way through parliament. 

What else do you need to consider?

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 with Argos. 

So if you tend to mix and match where you get your grocery shopping, a saver scheme might not be best for you. 

How to make your money go further 

Here are three other ways to save money before Christmas. 

1. Make the most of loyalty apps

Lots of supermarkets reward customers by allowing them to build up points every time they make a purchase. These points can then be converted into money-off vouchers. 

Tesco Clubcard vouchers double in value when you spend them with its reward partners, and Nectar points can also be used with around 300 other companies.

Asda has launched a new savings feature on its rewards app where you can get a bonus of up to £5 when you transfer Asda Pounds from your existing Cashpot balance. 

• Find out more:loyalty cards compared 

2. Give your savings a boost 

If you've had your savings account for a long time, it's worth checking what rate you're getting. 

Savings providers often offer new customers the best rates and leave loyal savers languishing on poor deals.

The recent hikes in the Bank of England base rate have helped to boost the savings market, with providers paying up to 5.92% AER on instant-access accounts.

• Find out more:how to find the best savings account 

3. Shop at the cheapest supermarket

 There's a big difference between prices at different supermarkets - each month we compare the UK's biggest grocers to reveal the cheapest.

Discounters Aldi and Lidl are unfailingly the cheapest, but if you prefer the range of a bigger store and the convenience of online deliveries, Asda is a good bet.

• Find out more:which was the cheapest supermarket in August 2023?