Christmas Saving Schemes

theianfox

My mum and her friend used to use a Thrift club run by the local British Legion to save for Christmas. This is the last year the club is going to run the scheme and so from next year they need to find another way of saving.

The payments are approximately £10 and £20 per week.

I suggested a traditional post office savings account but they no longer exist, the new accounts are either for a minimum of £500 initial investment or they're operated on-line. Both of them are over 70 and although my mum has an iPad she's not confident enough to use an on-line account and her friend doesn't own a computer so those accounts aren't going to be feasible for them to operate.

The post office Christmas saving scheme only allows you to spend the money in certain shops. Only one supermarket that I can see is signed up for the scheme and it's not one her friend can get to. Plus they'd really just like the money in a cheque or cash form.

Ideally they need somewhere local they can make deposits in cash.

Any suggestions?

kara7758

Maybe if they opened a basic account with the nearest high st bank or building society to them where they can deposit small sums?

I did this with Lloyds TSB, didn't have to have a sum of money going in regularly and have a small amount transferred to it every payday as savings. They also give a debit card.

retiredin2011

Could you not collect the money from them every week and keep it under your mattress until Christmas?

greyteam1959

retiredin2011 wrote: »

Could you not collect the money from them every week and keep it under your mattress until Christmas?

The simple ideas are the best !!!!!!

McKneff

Saver stamps from the supermarket, I know Morrisons give you 3 per cent interest on theirs.

theianfox

retiredin2011 wrote: »

Could you not collect the money from them every week and keep it under your mattress until Christmas?

Now we discussed this option right after I caught her dipping into an envelope with some money in it she'd put aside to pay the gardner.

The answer is a very big no apparently.

margaretclare

How about a building society account - a high street one, I mean?

They do still exist!

Dunroamin

What about saving in a a local Credit Union?

http://www.moneysavingexpert.com/banking/credit-unions

pinkieminkie

Do you have a Credit Union in your area? The one I belong to has local weekly paying in points and you can also pay into it in the Coop. They have a Christmas savings account where you pay in each week and are able to access your savings after 1st November.

(assuming they are in the same location as you, I just googled 'Cheshire credit union' and a there are a couple in the area.)

theianfox

I think the Building Society might be best bet. I hadn't thought about that. Cheshire Building Society has branches all over Cheshire coincidentally.

alanq

In the past Yorkshire Building Society (including Chelsea and Barnsley) has had a Christmas Saver account. Here's information on the one that matures this December. If they are going to launch one for next year it is not likely to be launched before next month.

https://online.ybs.co.uk/savings/regular/christmas-saver.html

A few small building societies have had similar schemes.