Tesco, Asda, Morrisons and Sainsbury giving free money but you need to be quick

A number of major supermarkets are offering customers the chance to get bonus money to help with their Christmas shopping but deadlines are in weeks

As the cost of the festive season rises many of us are looking for a way to stretch our spending. With decorations, gifts, food and even outfits the price of celebrating Christmas can leave you with a big bill.

But a number of leading supermarkets are running schemes which will help give your finances a boost. Tesco, Asda, Morrisons, Sainsbury's, Iceland and Co-op are all running Christmas savings schemes which payout a bonus on top of what you have saved giving a bit extra cash towards the rising costs.

The schemes are all different but some offer to top up your savings by up to six per cent. Money Saving Expert founder Martin Lewis advised people to think about the schemes saying: “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.”

The schemes are usually through booklets or, more commonly, electronic cards, reports the Manchester Evening News. Customers add whatever amount they want as the year goes on with the savings then available to spend at some point later in the year depending on the individual store.

The Money Saving Expert site has previously warned not to use them for long-term savings as they don't accrue interest or have the protection of the Financial Services Compensation Scheme. Instead, it recommends using a usual bank account to save your money as you get interest and your money is safe before transferring funds into the schemes just before the deadline.

This is what is on offer at the supermarkets in 2024 and how to use the schemes. However, the deadlines are just around the corner for most so shoppers have the chance to spend their money in time for Christmas.

Tesco

The Clubcard Christmas Savers Scheme has a maximum bonus of £12 (six per cent of deposit). The deadline is just days away as you need to have made your deposit by 11.59pm on October 17 ready for the bonus to be paid in November.

This 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.

The scheme operates via a gift card. You can both spend and top it up both online and in store. 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 bonus of up to £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 pick up a card in store, or a digital card online or via its mobile app, and top it up in store or online.

The card also operates 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 up to 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.