As savings rates slump to sub-1%, any way to make your money go further is welcome. So today’s deal of the week shows you how to get savings for Christmas shopping boosted by a whopping 4.2% overnight!
What’s the deal?
Asda’s free Christmas Savings Card lets you add cash to it over the course of the year and it’ll boost the balance of your account if you hit certain savings milestones.
The maximum bonus per card is £6, payable once you reach a balance of £144, equivalent to 4.2%. However, in practice, it’s possible to earn a lot more, as there’s no limit to the number of cards you can hold.
You can start saving on a card at any time, and any cash you deposit by 5pm on Sunday 13 November will qualify for the bonus, which will be paid on Monday 14 November.
- £1 if you save more than £49.
- £3 if you save more than £97.
- £6 if you save more than £144.
Why should I care?
It’s a quick and easy way to boost your spending power just in time for Christmas, though you’re free to spend the money at any time. The money on your card won’t expire (including the bonus) as long as you use it at least once every six months.
What’s the catch?
You won’t get cash, so any money you load onto an Asda Christmas card will have to be spent in Asda, as will the bonus. You’ll also need to load the card in store, as you can’t open an account online.
It’s also not a savings account, which crucially means there’s no protection if Asda goes bust (though we have no reason to think it will). It’s more like a prepaid debit card, or electronic gift voucher, though you don’t need to spend all the money in one go.
What are my other options?
If you’re a Sainsbury’s customer your Nectar points will go twice as far if you cash them in after 9 November, meaning points are effectively worth 1p each, instead of half a penny. But you’ll need to spend the resulting vouchers between Wednesday 16 November and Tuesday 22 November.
Tesco also has a savings card scheme, where you can buy stamps for £1, and once you reach £49 the card can be redeemed in Tesco for £50 at any point in December, equivalent to a 2% boost. Stamps can be bought at dispensers in store and there’s no limit to the number of cards you can hold.