Christmas Savings Clubs

The average household's Christmas spending last year was £835! 

Christmas Savings Clubs are a way to spread the cost of Christmas throughout the year

If you save just £10 a week from Easter Monday to 21st December you'll have £320 to spend over Christmas and that's BEFORE bonuses and deals

With clubs at supermarkets, the Post Office and specialist clubs like Park, you can save for the festive season quickly, easily and in manageable chunks



Need to know

  • Locking away your cash throughout the year and only having access to it in the lead up to the festive period means as well as spreading the cost of Christmas you may be able to have all of your Christmas shopping paid for months in advance! 
  • The BEST thing about ANY Christmas savings scheme is that it will help prevent you getting into debt over the festive period
  • Christmas Club schemes allow you to spend the money saved in different waysAsda, Co-op and Tesco only allow you to spend your savings in store (great for Christmas dinner...), whilst the Post Office and Park have a range of retailers you can use (great for gifts...) 
  • The Co-op saving scheme will allow you to spend your savings whenever you like, although you will earn a bonus if you can hold out until November. Most other schemes have a spending period- for example with the Post Office you can only spend your savings between 1st Novermber and 31st January
  • When you're considering a saving scheme look at the 'interest rates' and benefits. Asda gives bonuses when you reach a certain level of spending which works out better than interest on a normal savings account. Instead of interest the Post Office give a booklet of discounts
  • The big thing most savers want is security, check if the Christmas Savings Club is covered by the Financial Services Compensation Scheme so how can you guarantee your money is safe
  • Depending on what you are planning to spend your money on (and how disciplined you are) opening a normal savings account with monthly interest and instant access setting up a standing order and regulating your own saving may work out better for you as you will have complete freedom over how you spend your money 

Christmas Savings Clubs

Tesco Christmas Saver

Why we like it:

  • save all of your Clubcard vouchers and receive them in November
  • top up the Clubcard using your own money or bonus vouchers
  • save 50p to £360
  • receive a bonus payment of £3 for every £50 you save- a great 6% AER
  • just before Christmas you’ll receive your Clubcard statement with Clubcard vouchers, top-ups, vouchers, bonus vouchers and coupons
  • opt in to the Christmas savings scheme online via your My Clubcard Account or call 0800 591688
  • will still receive in store discounts throughout the year
  • receive regular Clubcard statements

Watch out:

  • Clubcard vouchers are always worth more if you convert them into reward rather than spending them in store. You may find a better option for you is choosing a different saving scheme and using your Clubcard points for days out and restaurants
  • you can only redeem the vouchers at Tesco stores or in Tesco petrol stations
  • vouchers expire after 2 years, but at this point you can call and convert your vouchers into a giftcard

Asda Christmas Savings Card

Why we like it:

  • purchase in store or online
  • top up card at the till
  • bonus on savings paid in November
  • save £144 – bonus is £6
  • save £97 – bonus is £3
  • save £49 – bonus is £1
  • bonus rates BEAT average savings interest rates- equivalent to 4.17% AER NET
  • there is no limit to how many cards you can purchase
  • protect their balance by registering card online
  • no minimum savings levels

Watch out:

  • maximum savings per card is £144
  • no formal protection if the company were to collapse (but we are talking about Asda!)
  • can only spend your savings in an Asda store
  • cannot spend the card online or on fuel, tobacco or lottery products

Post Office Christmas Club

Why we like it:

  • save through the Post Office by adding money to your Christmas Club card
  • add money on to the card whenever you like
  • use your card at over 17,000 retailers including Boots, Argos and PC World
  • check the balance of your card anytime by calling 0330 828 0881
  • savings are protected by the Irish Deposit Guarantee Scheme
  • save up to £1000 on one card
  • loads of special offers from retailers

Watch out:

  • If you lose your card, your money is safe but you will need to pay £5 for a replacement
  • Spend the money between 1st November and 31st January, leftover money will be carried forward to the following year
  • Instead of earning interest you receive a loyalty booklet with deals and special offers from some of the providers
  • only add money at the Post Office
  • apply in store- although you can download a form online
  • top up by a minimum of £2


Why we like it:

  • choose your Christmas presents now and then pay them off in regular easy to manage payments through the year
  • can ‘buy’ a £550 hamper with every bit of food and drink you need for the whole of December, by paying just £12 a week
  • can set up to make regular payments in LOADS of different ways to suit you (direct debit, online banking, over the phone – 0845 603 0502, cheque and bank)
  • order over the phone on 0845 604 0350
  • savings are guaranteed to be safe
  • HUGE selection of gifts
  • You can earn 25% commission for adding friends and family to your account and £30 if you recommend the scheme to a friend

Watch out:

  • you have to choose gifts in advance
  • gifts need to be paid for by 1st November, when all of your items will be delivered.
  • instalments get bigger, the closer to Christmas you start saving
  • no interest is paid on your savings- instead there is a complicated commissions structure where you earn a percentage back when you spend over £500 on an item- when you spend over £500 on drinks and confectionary you will earn 5% back

Co-operative Christmas Savings Trust

Why we like it:

  • pick up a book in store
  • purchase £1 stamps in store throughout the year to put into a savings book up to the value of £48
  • you can redeem the savings at any time
  • if you wait and redeem the book at Christmas, you will be given a £2 bonus ( same as 4.17% AER interest)
  • guarantees protection for your savings
  • you can have more than one card

Watch out:

  • you can only redeem the savings in Co-op stores (who do not always have the largest selection at the cheapest prices)
  • you are in control of when you redeem the money
  • if you loose or damage the book you cannot redeem the savings

The inside track

  • Morrisons do not have a Christmas Club but do run a Payday Bonus scheme at different points throughout the year.  For example, in March, if you spent £35 or more in one transaction, you were given an Easter Payday Bonus coupon at the checkout.  You could then collect one coupon each week for three consecutive weeks to earn £10 off your Easter shop
  • Sainsbury’s suggest using your Nectar points to accrue money that can be spent in store over Christmas, but do not run any bonus schemes.  Whilst this can be a good way to save, you are better off using your loyalty points on day trips and treats, where often you can boost their power to be worth at least double their face value
  • Many local shops like butchers and milkmen offer Christmas Savings Scheme, but whilst helping the local community is brilliant, make sure that your money is protected (who remembers Eastenders Arthur Fowler running off with the Christmas Club money!!)

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