Guaranteed return on small savings

Greenqueen_2

I have recently been thinking about the supermarket christmas saving stamps schemes. Normally I would not bother with them because it forces you to spend in a particular store, but with interest rates currently so low it has become a far more attractive idea. There are pros and cons of course, but you are guaranteed upto 5% return, so if you will only have a small amount to put away it looks a better bet than trying to find a good bank rate.

BruceyBonus

If the supermarket goes bust, you've lost your money. People who bought stamps for Woolworths have probably now lost their money.

Jimmyc

Can you imagine one of the big supermarkets going under? Woolies were doomed for years.

BruceyBonus

Jimmyc wrote: »

Can you imagine one of the big supermarkets going under?

People were saying that about the banks a few years ago...

Doomcow

BruceyBonus wrote: »

People were saying that about the banks a few years ago...

yet noone has lost money in the banks (savings wise)

cocktail

Greenqueen wrote: »

I have recently been thinking about the supermarket christmas saving stamps schemes. Normally I would not bother with them because it forces you to spend in a particular store, but with interest rates currently so low it has become a far more attractive idea. There are pros and cons of course, but you are guaranteed upto 5% return, so if you will only have a small amount to put away it looks a better bet than trying to find a good bank rate.

better to buy the saving stamps just the last day before the guaranteed bonus. till then u can save the money in the highest paying account you can find.
i don't believe people still pin hopes on these schemes and save monthly or weekly in them after the farepak fiasco.