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8/14/2019 Money Advice Extra Xmas Briefing Dec 08
1/2
Money Advice Extra December 2008 Save Xmas Briefing Page 1
Money Advice Extra
Christmas savings
options
The main ways to save (for Xmas) Banks and building society savings accounts Building society Christmas accounts Credit union savings accounts Credit union Christmas savings accounts Christmas clubs with local shops Hamper and voucher schemes
Hamper schemes from your milkman Post Office Christmas Club
A closer look at the pros and cons ofways to save ..
Bank and building society savings accounts
lots of branches on the high street wide variety of account types available usually you can save as much and as often as
you want you are paid interest on savings only works if you put in money regularly
and arent tempted to dip in
account opening process takes time need to go to a building society to pay in if it goes bust, you may be able to get
compensation up to 50,000
Building society Christmas accounts
you are paid interest or a bonus unless youtake your money out early
need to go to a building society to pay in may not be offered by your local building
society
if it goes bust, you may be able to getcompensation up to 50,000
The pros and cons continued
Credit union savings accounts
financial cooperatives owned/controlled bytheir members
offer savings accounts to their members option to save when and how much you want
flexible payment options including collectionpoints or local shops, or direct from wages life assurance for members at no extra cost loans available to members if it goes bust, you may be able to get
compensation up to 50,000
Special credit union Christmas savingsaccounts
operate in a similar way to standard creditunion accounts
discourages withdrawing money early some pay out in vouchers instead of cash if it goes bust, you may be able to get
compensation up to 50,000
Christmas clubs with local shops andsupermarket Christmas stamp schemes
pay in what suits you, when it suits you what you save can only be spent at the shop
operating the scheme
some schemes, especially largesupermarkets, offer a bonus
savings only as secure as the shopoperating the scheme
not covered by the Financial ServicesCompensation Scheme
could be difficult to get money back if shop
To arrange a Save Xmas workshop or briefing for staff or service users,contact Dean Stockwell (Advice Link Money Advice Team) on 476843
Or email advicelink@black ool. ov.uk
8/14/2019 Money Advice Extra Xmas Briefing Dec 08
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Money Advice Extra December 2008 Save Xmas Briefing Page 2
Continued
Hamper and voucher schemes
dont offer interest, but do offer a bonus orspecial offers
some schemes have joined the ChristmasPrepayments Association and havearrangements to protect your money checkthe level of cover
Hamper schemes from your milkman
difficult to dip into savings before Christmas not covered by the Financial Services
Compensation Scheme
savings can usually only be spent with thescheme provider
goods bought not always as good value asthose bought on the high street
hampers delivered direct to your home
Hamper and voucher schemes
collect money from your home through a localagent
dont always offer better value than the highstreet
hampers delivered direct to your home
Post Office Christmas Club
you load cash onto a card (like a pre-paidcredit card) at any Post Office branch
you decide how often and how much to saveup to 1000
difficult to dip into savings before Christmas not covered by the Financial Services
Compensation Scheme
from November you can use the card like adebit card or convert to vouchers
vouchers are with participating retailers only
Further information andsupport
Financial Services Authority
www.moneymadeclear.fsa.gov.uk
Consumer Direct 08454 04 05 06www.consumerdirect.gov.uk/before_you_buy/money_and_credit/xmas/xmasindex
Blackpool Citizens Advice BureauIndependent, impartial, confidential andfree advice and information6 10 Whitegate DriveBlackpool, FY3 9AQ
Telephone advice line: 01253 308400Fax: 01253 308420Email: [email protected]: www.blackpoolcab.org.uk
Consumer Credit Counselling Services(CCCS)Free, impartial, independent advice andassistance. No-fee debt managementplans.Monday Friday 8.00am to 8.00pm
Telephone: 0800 138 1111Website: www.cccs.co.uk
National DebtlineFree, independent, confidential telephoneadviceMonday Friday 9am to 9pmSaturday 9.30am 1.00pmTelephone: 0808 808 4000Website: www.nationaldebtline.co.uk
Check out the Save Xmassavings comparison chart at:
www.consumerdirect.gov.uk/before_you_buy/money_and_credit/xmas/
comparisonchart