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Supermarket Xmas saving schemes explained – including Tesco, Asda and Morrisons

Tesco, Asda and Morrisons each have their own type of saving clubs designed just for Christmas. The same goes for Iceland and Co-op, meaning the schemes collectively cover millions of shoppers

Asda runs its own Christmas Saver scheme

Christmas is an expensive time of the year but there are ways to keep the costs down – especially when it comes to food.

One way to ease the festive financial burden is to join a supermarket Christmas saving scheme.

Tesco, Asda and Morrisons each have their own type of savings club designed just for Christmas.

The same goes for Iceland and Co-op, meaning the schemes collectively cover millions of shoppers.

Through these saving clubs, customers are encouraged to save throughout the year and are rewarded in bonuses when it comes to Christmas.

However, you can still benefit from these bonuses as long as you put money in before the deadlines.

If you do decide to go with a supermarket Christmas saving scheme, you should keep in mind that this type of savings method is not like a typical bank.

This means your money isn’t covered by the Financial Services Compensation Scheme should one of the supermarkets go bust.

Tesco



Tesco also has a saving club for festive shoppers
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Image:

WalesOnline/Rob Browne)




The deadline for putting money away into the Tesco Christmas Saver scheme is on October 20, 2021.

You can opt into the scheme online if you’re a Clubcard member, with the idea being that you save up Clubcard points throughout the year to redeem at Christmas.

But if you also top up your account with cash, you can earn bonuses on top of your savings in the form of Tesco vouchers.

You’ll get your bonus in your November statement and they’ll be valid for two months to use.

Bonuses are up to 6% and are calculated as follows:

  • £1.50 bonus when you save between £25 and £49.50
  • £3 bonus when you save between £50 and £99.50
  • £6 bonus when you save between £100 and £199.50
  • £12 bonus when you save £200 to £360

Asda

The Asda Christmas Savings scheme comes in the form of a card that you need to top up throughout the year.

You can order a card online or grab one in store.

Once you have one, you then need to top it up by Sunday, 21 November for the bonus to be applied by 9am on Monday, 22 November.

The bonus are as follows:

  • £1 bonus when you save between £30 and £79
  • £3 bonus when you save between £80 and £129
  • £6 bonus when you save between £130 and £179
  • £9 bonus when you save between £180 and £229
  • £12 bonus when you save between £230 and £279
  • £15 bonus when you save £280 or more (max amount per card)







Morrisons

The Morrisons Christmas scheme involves buying and saving digital stamps and is part of its My Morrisons loyalty scheme.

You can buy the stamps in stores from a cashier by telling them how many you want to buy and scanning your My Morrisons digital or physical card.

The digital stamps can be purchased in denominations of £1s.

This year, the cut off point for the Morrisons Christmas saver is midnight on October 30 with either vouchers or an e-code being issued in November or December.

The maximum bonus you can get through the Morrisons scheme is £6:

  • £1 bonus when you save between £49 and £96
  • £3 bonus when you save between £97 and £145
  • £4 bonus when you save between £146 and £193
  • £6 bonus when you save £194

Are you worried about how you’ll afford Christmas this year? Let us know: [email protected]

Co-op

The Co-op Christmas scheme is similar in that it involves collecting stamps, but these are physical stamps rather than digital ones.

Each stamp costs £1 and you put them in a booklet which you’ll need to fill up in order to spend and get money off.

One full book contains £48 stamps and once you’ve reached this quota, you’ll get £50 off your bill.

Do this in December, and you’ll get an extra £2 off as well.

You can collect as many stamp books as you like but there is no protection for your cash if you lose them.

Iceland

Iceland runs its Bonus Card scheme all year round – but it’ll often run double up events coming up to Christmas as well.

For every £20 you load onto your Iceland Bonus Card, you’ll get £1 back in return.

But last November, it gave this a double boost so that you get £2 back for every £20 you saved.

Iceland hasn’t confirmed if this will be the same for this year, but it is worth keeping an eye out.

There’s a limit of £1,000 that can be added to your card and cards expire 24 months after you last use them.


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