Supermarkets like Tesco, Asda, Morrisons, Sainsbury’s, Iceland, and Co-op are currently offering Christmas bonus schemes to customers to help stretch their shopping budget. MoneySavingExpert Martin Lewis has advised shoppers to take advantage of these schemes before they expire. The schemes typically allow customers to earn bonuses of up to six percent of their saved amount, with some having a maximum cap. Lewis highlighted a loophole that enables savers to receive a year’s bonus in a day by depositing their savings just before the scheme’s ‘bonus day’. However, he cautioned against using these schemes for long-term savings as they do not accrue interest and lack protection under the Financial Services Compensation Scheme.
Tesco’s Clubcard Christmas Savers Scheme offers a maximum bonus of £12, with a deadline for deposits set on October 17. Asda’s Christmas Savings Card provides a bonus of up to £15, with a deadline for payments on November 10. Iceland’s Bonus Card offers a maximum bonus of £50, credited within 24 hours of deposit. Sainsbury’s Christmas Club Card allows customers to earn a £25 bonus if they have £50 in their account by November 1. Co-op’s Christmas Stamps Scheme offers a 4.16 percent return on deposits, with no maximum bonus limit, and Morrisons Digital Christmas Saver offers a maximum bonus of £6, with a deadline for deposits on October 31.
Customers are advised to utilise these schemes before the deadlines to ensure they can make use of the bonuses for their Christmas shopping. Each supermarket’s scheme operates differently, with various bonus amounts and deadlines. It’s essential for savers to understand the terms and conditions of each scheme to make the most of the benefits offered. Lewis recommends using a regular bank account for long-term savings to earn interest and ensure the security of their money, transferring funds to these Christmas bonus schemes just before the deadline for maximum benefits.