Asda's Christmas savings scheme launches and it pays up to 5.3%
ASDA has started its Christmas savings loyalty scheme so shoppers can get saving ahead of the big day.
Customers earn bonuses of up to 5.3 per cent with the supermarket's festive top-up card that can be used to save over the next three months.
That’s more than triple the money you'd earn with the top easy-access savings accounts currently on the market paying a rate of 1.5 per cent.
But the amount you’ll make on top of what you’ve put away depends on how much you save.
You'll only get the top 5.3 per cent rate if you save at least £280 and you need to save at least £30 before you start to earn anything.
A saving of £30, for example, will net you a £1 return – the equivalent of 3.3 per cent – while putting away £80 will earn you £3 – a 3.7 per cent bonus.
Asda Savings Card tiers
- Save £280+ and receive a £15 bonus – 5.3 per cent
- Save £230-£279 and receive a £12 bonus – 5.2 per cent
- Save £180-£229 and receive a £9 bonus – 5 per cent
- Save £130-179 and receive a £6 bonus – 4.6 per cent
- Save £80-£129 and receive a £3 bonus – 3.7 per cent
- Save £30-£79 and receive a £1 bonus – 3.3 per cent
The maximum amount you can put away on the card is £485 but you only need to save £280 to get the maximum £15 bonus – an effective 5.3 per cent top-up.
How do I use the Asda card?
Customers must pick up a physical card in store but make sure to register it online as your money will not be protected if you lose the card.
Even if you don't lose the card, it's worth pointing out that cash isn't protected by the Financial Services Compensation Scheme (FSCS), which means you could lose your money if Asda were to go under.
Topping up the card is done in store at the customer service desk or by simply rounding up your shopping bill and putting the extra on your card.
The deadline to save by is November 17. We've asked Asda how long you have to spend your savings by and we'll update this story as soon as we get a response.
The most you could earn is £15 but you can pick up as many cards as you like meaning how much you could make is potentially limitless.
Are other supermarket's running Christmas savings schemes?
The great thing about supermarket Christmas loyalty schemes is you can sign up to however many you like, maximising the chance for as much savings as possible when December hits.
Tesco Clubcard members can earn 6 per cent on their savings with the supermarket's Christmas Savers.
The festive offering works in a similar way to the Asda deal where customers can add money to their account in store, at the customer service desk or at the till.
But Tesco vouchers received during the year, providing they are still valid, can also be transferred into cash and put toward your balance.
The last chance customers have to get saving before the discounts are dished out in shoppers’ November Clubcard statement is October 15.
Customers can sign up online on the My Clubcard Account page on the Tesco website and opting in by the Voucher Schemes page.
You can also ring Tesco on 0800 591 688 or 0330 123 1688.
The most you could earn is £12 and like Asda, but be warned that cash also isn't protected by the FSCS.
Tesco Christmas Savers tiers
- Save £200-£360 and recieve a £12 bonus – 6 per cent
- Save £100-£199.50 and recieve a £6 bonus – 6 per cent
- Save £50-£99.50 and recieve a £3 bonus – 6 per cent
- Save £25-£49.50 and recieve aand recieve a £1.50 bonus – 6 per cent
Morrisons shoppers signed up to the More loyalty account can use a digital stamps saving scheme to cash up in time for Christmas.
The stamps can be brought for £1 a piece in store throughout the year and are then applied to your account.
But make sure to buy the stamps before October 31 as this is the cut-off point for when they will count towards your Christmas savings.
You’ll then get vouchers at an effective interest rate of up to 3 per cent to use from November 6 which can either be posted to you or collected in store.
Like the other schemes, the amount saved determines on how much you’ve saved.
To sign up to Morrisons’ Christmas Savers scheme, you’ll need to register online on the My Morrisons website.
Shoppers can earn a maximum of £6 and this loyalty programme is also not FSCS protected.
Morrisons More Christmas Savers
Save £194 or more worth of digital stamps – £6 bonus – 3 per cent
Save £146 – £193 worth of digital stamps – £4 bonus – 2.7 per cent
Save £97 – £145 worth of digital stamps – £3 bonus – 3 per cent
Save £49 – £96 worth of digital stamps – £1 bonus – 2 per cent
Iceland runs a year-long saving scheme that isn’t specific to Christmas.
By signing up to the Iceland Bonus Card, customers earn £1 back for every £20 they save up – equal to 5 per cent interest.
The £1 bonus is paid into your Bonus Card savings account within 48 hours of reaching the £20 target.
You’ll need to pop in store to pick up a physical card and like the Asda offering, make sure to register online to protect your cash should you lose it.
There's no limit on how much you can save and earn but the scheme isn't FSCS protected.
The Co-op also has a membership card that lasts all year and similar to Iceland, customers get £1 back for every £20 they spend.
You can get a temporary card to use straight away in shop but then you'll need to register online to get full membership.
Again, there's no limit on how much you can save and earn but there's also no FSCS cover.
Sainsbury's doesn't have a Christmas saving scheme.
If you're now well and truly in the mood for Christmas, we've had a sneak peak of what's on the festive menu at Tesco this year.
Aldi shoppers can also check out what the budget chain is offering for Christmas 2019.
Asda has followed suit by giving a taste of what to expect in store come December.
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