Supermarket Christmas boost

Get extra cash to spend on your shopping

Chris Owen | Edited by Helen Saxon

Updated 20 October 2021

Many supermarkets urge you to save for bonuses in their savings schemes year-round - though this isn't recommended as the money's not protected if the scheme goes bust. It's better to bag the rewards in a day – this guide shows you how to bag 2021 supermarket saving scheme rewards.

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What are supermarket savings schemes?

Supermarket savings stamp schemes encourage year-long saving for Christmas, yet it's possible to get the year's bonus in just one day.

Most supermarkets pay out the bonus based on the total amount you've saved saved by a specific day or month, so put the cash in just before and they'll add a small percentage on top – up to 6%.

The savings themselves come in the form of booklets or electronic cards which you can top up a little at a time. Some supermarkets only allow stamps to be redeemed at set points in the year, while others will let you spend at any time.

Supermarket savings need-to-knows

To help you make the most of a supermarket savings scheme, it's worth getting your head around the following...

1. You'll be locked in to spending with one retailer, and some have a short expiry

Don't think of the bonus as a gift – it isn't the supermarkets being generous, it's good business acumen. You save for a year, they earn interest on your money, and eventually give you a little back. And more importantly:

You must spend the cash at that specific retailer, often within a short time period, so they effectively lock in your custom

You won't be surprised to hear there are some exclusions on what you can buy with the stamps – you can't usually spend them on lottery tickets, petrol or goods from third-party concessions (when a retailer has a space in a larger department store). Some supermarkets also don't allow you to redeem them online.
2. You DON’T get the protection of a normal savings account

It's important to understand these schemes DO NOT have the same protection as savings in a bank. In fact, this is exactly what happened with the Farepak debacle back in 2006. It's the reason we've always cautioned against savings clubs.

Yet, don't get this confused with normal savings accounts provided by supermarket-branded banks like Tesco Bank or Sainsbury's Bank – they have the usual £85,000 per person protection. See the Safe Savings guide for more info on that scheme.

If saving for Christmas over the year – a fantastic aim – save in the bank (see Top Savings Accounts and Top Cash ISAs). Then withdraw the cash and buy savings stamps the day before the bonus date to bag double interest – more on this below.
3. You can join just before the bonus date and still qualify (which minimises the savings risk)

Supermarkets tend to pay the bonus on a specific day or month, normally during November or December. The bonus earned only depends on how much is in there, not how long it's been there. Therefore, you can simply...

Buy all the stamps/credit required just before the bonus date, get the full bonus, then use the funds to shop

As this technique's about keeping a small sum of cash on the cards for just a couple of days, the risk's reduced. The chance of a big supermarket going bust in that time is pretty slim, though nothing's impossible.

Remember, the cash must be spent at that specific store, so only do it if you would've spent there anyway. Keep your card or stamps booklet safe, as many supermarkets don't keep a record of your savings, unless it's an online scheme. So lose it, and your money's gone.

Top supermarket savings schemes for Christmas 2021

No two schemes are alike, and some are simpler than others. Whichever you go for, ensure you make a careful note of the deadlines to pay in by:

Supermarket	Max rate of return	Max bonus in pounds	To get bonus, pay in by	Bonus paid	How long is the bonus valid for?
Tesco How it works	6%	£12	This year's scheme is now closed	Nov 2021	Two months from the date of issue
Asda How it works	5.35%	£15	5pm 21 Nov 2021	Within 24 hours	Two years from the date of your last transaction
Sainsbury's How it works	5%	£25	11:59pm 1 Nov 2021	End of Nov 2021	Until the date printed on the card
Iceland How it works	5%	£50	Any time	Within 48 hours	Doesn't expire, can be used at any time
Co-op How it works	4%	No max	Any time	Dec 2021	Doesn't expire, but can only be used each December
Morrisons How it works	3%	£6	11:59pm 31 Oct 2021	31 Oct 2021	Until 31 Dec 2021

All schemes let you register your card online, except Co-op's which is a paper stamp book.

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In this guide

In this guide

Credit card rewards

Free Christmas Gift Cheques

Supermarket Christmas boost

Get extra cash to spend on your shopping

What are supermarket savings schemes?

Supermarket savings need-to-knows

1. You'll be locked in to spending with one retailer, and some have a short expiry

You must spend the cash at that specific retailer, often within a short time period, so they effectively lock in your custom

2. You DON’T get the protection of a normal savings account

3. You can join just before the bonus date and still qualify (which minimises the savings risk)

Buy all the stamps/credit required just before the bonus date, get the full bonus, then use the funds to shop

Top supermarket savings schemes for Christmas 2021

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