Get a 6% boost on your Christmas savings in just one day

YOU could get a boost of up to 6% on your Christmas savings in just one day. Some major supermarkets offer digital saving stamp schemes to help you save up for the big day. By putting your money into the schemes, you’ll receive a bonus on your cash deposit. Generally, the supermarkets want you to save year-round, but MoneySavingExpert cautions against doing this because your money will not be protected if the scheme goes bust. Sign up for the Money newsletter Thank you! However, there is a loophole that means you can get the bonus by putting your money into the scheme for just one day. This is a less risky strategy for your money and it means you’ll still get a pre-Christmas boost. How it works Most supermarkets pay out the bonus based on the total amount you’ve saved by a specific day or month. For example, Tesco‘s Christmas Savers Scheme pays a 6% bonus on savings paid in by 11.59pm on October 25. To make sure your money is safe, you could simply pay in the cash just before the deadline and still earn the bonus. Most supermarkets pay a bonus of between 3% to 6%, although this is usually capped at a certain amount. Most read in Money You should also be aware that whatever you save, and your bonus, can usually only be spent at that supermarket. That means it’s only worth doing if you were already planning to spend the money at the supermarket you’re saving with. All the supermarket Christmas saving schemes Tesco Christmas Savers Scheme This scheme pays a 6% bonus on your savings, up to a maximum of £12. You’ll get tiered cashback depending on what you save, from £1.50 for saving £25 to £49, up to £12 for saving £200 or more. Pay in by 11.59pm on October 25 and you’ll get your bonus in November. The bonus vouchers expire after three months. Asda Christmas Savings Card You can get a bonus of 5.35%, up to a maximum of £15. Pay in by 5pm on November 15 and get your bonus at 9am on November 16. The bonus will expire after two years. You get tiered cashback depending on what you save, from £1 for saving £30 to £79, or up to £15 for saving £280 or more. Iceland’s Bonus Club Iceland gives a maximum bonus of £20, offering savers 5% of their deposit. That means you get £1 back for each £20 you save. There is no cut-off date for paying in and the bonus is paid within 48 hours. The bonus expires after two years. Co-op Christmas Stamps Scheme The Co-op pays 4.16% on deposits and there is no maximum bonus. That means you get £2 back for every £48 saved. There is no cut-off for paying in but your money must be redeemed in December. Comment now