Tesco, Asda, Morrisons, Sainsbury's, Iceland and Co-op offering free cash but time is running out

The cost of Christmas is increasingly more and more expensive. Whether it is gifts or food the bills quickly tot up.

But many of the major supermarkets have offers which can help give a boost to your spending. Tesco, Asda, Morrisons, Sainsbury's, Iceland and Co-op all run different Christmas bonus schemes which offer extra money to spend in-store when you save ahead of the big shopping days.

And while the schemes vary the good news is the bonus can be up to six per cent of your savings while others are capped. Money Saving Expert founder Martin Lewis has already advised people to think about the schemes.

He 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.”

If you do opt for the savings these are usually through booklets or, more commonly, electronic cards. Shoppers can add what they want as the year goes on and then use them according to the rules of the individual store.

Money Saving Expert has previously warned against using them to save long-term as they don't net you any interest. They also don't have the protection of the Financial Services Compensation Scheme.

Instead it advises using a usual bank account to save your money as you get interest and your money is safe. Then transfer any funds into the schemes just before the deadline.

Here's what the supermarkets are offering and how to use the schemes. But most have deadlines looming to give people the chance to spend their money before Christmas.

Tesco

The Clubcard Christmas Savers Scheme comes with a maximum bonus of £12 (six per cent of deposit). However the deadline is just days away as you need to have made your deposit by 11.59pm on October 17 with the bonus paid in November which can then be spent on the Tesco website, in store or on petrol

You can top up your account at the customer service desk in most Tesco stores if you have a Tesco Clubcard. The smallest bonus is worth £1.50 when you save between £25 and £49.50, and the biggest is £12, which you get when you save between £200 and £360.

Asda

The Asda Christmas Savings Card offers a bonus of up to £15 - 5.35 per cent of deposit. You need to pay in by 5pm on November 10 to be paid on November 11.

It is run through a gift card and works both in store or online - you can also spend and top it up in both places. You could also get an extra £5 bonus via Asda's rewards app if you move your Saver Cashpot to its Christmas Saver Cashpot by November 3, which you can use to spend in store or online between November 8 and December 31.

Iceland

The Iceland Bonus Card pays a maximum bonus of £50 - or five per cent of your deposit. There is no cut-off for paying in and the bonus is paid within 24 hours. 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 card is also operated all year round with a bonus of £1 for every £20 saved. But you must have a bonus card to take up the offer.

Sainsbury's

The Sainsbury’s Christmas Club Card offers customers the chance to get a £25 bonus. You can start saving in January but as long as you have at least £50 in your account before November 1 and pay in the rest by 11.59pm on November 1. You will get five per cent of your savings equivalent to £2.50 for every full £50 of savings as a bonus - up to a maximum of £25.

You can activate and save onto the card at Sainsbury's in-store checkouts and self-service tills (but not online), and it can be used both in store and online at Sainsbury's and Argos. You must register your card to manage it online.

Co-op

The Co-op Christmas Stamps Scheme has no maximum bonus but savers will get back 4.16 per cent of their deposit. There is no cut-off for paying in and the bonus will be paid by December 23. You must collect a paper stamp book in store and complete it by buying 48 £1 stamps. The scheme runs all year.

Morrisons

The Morrisons Digital Christmas Saver has a maximum bonus of £6 (3.1 per cent of deposit). Savers must have the money in the pot by October 31 and it will be paid out on November 1. You must have a Morrisons' More account to redeem your bonus.