Martin Lewis urges Tesco, Sainsbury's, Asda, Morrisons shoppers to get free £108 for Christmas
Martin Lewis has urged Tesco, Asda, Iceland, Sainsbury's, Co-op and Morrisons shoppers to get a free £108 for Christmas. Supermarket schemes help you put money aside ready for the festive season, offering a bonus on top. Depending on the scheme you try, the bonus could be as much as six per cent on your deposit, while others are capped at £50.
Martin said: “Supermarket saving stamp schemes offered by Tesco, Asda, Iceland, Sainsbury's, Co-op and Morrisons aim to encourage year-long saving for Christmas. Yet the way they're usually structured means there's a loophole that lets you get a year's bonus in a day.
“So you're better to save and earn interest in normal top easy-access savings, then just dunk what you'll spend in that store into most schemes the day before their 'bonus day' and they add the bonus anyway. Of course, this must all then be spent in that store, so it's only a winner if that's what you'd do anyway.”
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Tesco 's Christmas Savers Scheme has a maximum bonus of £12 (6% of deposit) if you pay in by 11.59pm on October 17. You get tiered cashback depending on what you save, from £1.50 for saving £25-£49, up to £12 for saving £200+. You can top up your account at the customer service desk in most Tesco stores if you have a Tesco Clubcard.
As Asda, you get tiered cashback depending on what you save, from £1 for saving £30-£79, up to £15 for saving £280+. Iceland offer £1 for every £20 saved. You can get a physical card in store, or a digital card online or via its mobile app, and top it up in store or online. The scheme runs year-round, so you can save and use your discount at any point.
Sainsubry's give you back £2.50 on every £50 saved. At Co-op, you must collect a paper stamp book in store and complete it by buying 48 £1 stamps. Do this and you get £50 off your shopping bill – a £2 bonus. The Co-op Christmas Stamps Scheme has no maximum bonus (4.16 percent of deposit). There is no cut-off for paying in and the bonus will be paid by December 23.
The Morrisons Digital Christmas Saver has a maximum bonus of £6 (3.1 percent of deposit). You must pay in by October 31 to be paid by November 1. You must have a Morrisons' More account to redeem your bonus.
The maximum Iceland bonus is £50, while at Sainsbury's it is £25. Put together, and shoppers can get £108.