Why's no one talking about Currys flexsave?

finpro1

Hello all

First time poster but long time reader. I couldn't find anything relating to this in the forum so started a new thread here.

I was in Currys this week looking at new ovens and the like for my kitchen refurbishment when one of their staff mentioned a way to save for things in advance rather than taking their credit deals. No information to hand out in the shop but on their website I found this https://www.currys.co.uk/services/ways-to-pay/flexsave.html which goes onto this https://currys-flexsave.cmcinvest.com/landing.

Not something I've seen before or heard anyone else talk about but sounds similar to the Christmas saving things Tesco do every January. From what I can tell it's a bit of a no brainer for me; planning a kitchen refurb later in the year so I know i'm going to need new oven/fridge etc. They shout about a 10% top up on what you save (pretty much 10% off) which is better than any discount codes I've seen posted.

Everything seems to be handled by CMC Invest (I've an ISA with them from their good rates last year) so all seems above board.

Has anyone had any experience using the flex save scheme before can share?

Looking at it, I can take my money out when ever, and when it's in CMC Invest seem to have it protected under fscs. The only snag is it's all paid on a gift card at the end rather than as cash, but I know I'll be spending money there anyway so not a huge deal breaker for me.

it does say somewhere a quote around how much extra I'll save putting money in this account vs a 'high street bank' but that seems a bit too good to be true (I need about £1k and I'm thinking 6 months and it says I save around 900, Currys add 90quid and thats '£73.65 more' - Yes we're not blowing the whole kitchen on a talking oven!

Be good to hear of any catches I've not noticed before I sign up!

Isthisforreal99

The mere fact it's Currys would have people running a mile.

Just had a quick read, so you effectively get a discounted gift card for 'saving' with them. Therefore no S75 or chargeback protection on a major purchase. When you read how bad Currys customer service is it's a 'No thanks' from me.

EthicsGradient

It doesn't sound like "Savings and Investments" to me - no interest, it's a deal for shopping at Currys, if you give them the money earlier. I'd suggest it ought to be discussed in a

Spending & Discounts — MoneySavingExpert Forum

forum - "shopping & freebies", perhaps?

DjangoUnchained

Most things from currys can usually be bought more than 10% cheaper from other places anyway or at least price match , plus the fact that currys is a horrible company to deal with when things go wrong so no.

jackieblack

https://forums.moneysavingexpert.com/discussion/comment/82024179#Comment_82024179

Ditto

Plus tying yourself to spending just in one particular retailer seems mad - what if you see something you like better somewhere else in the interim, or Curry's stop selling the products you've got your eye on at the moment…?

It's just really limiting your options

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82024179#Comment_82024179

I've had a quick read too, seems that if you simply consider it to be a scheme to get a 10% discount on a Curry's gift card (rather than a zero % savings scheme requiring regular payments to be set up at a bank) then you need to hold your money with Currys/CMC for 3 months.

With little effort I found a giftcard for Currys I can buy now with a 6.2% discount. Given that, and the fact that prices at Currys are rarely the same week by week I can't see a compelling reason to let CMC look after my money for this scheme.

That and Currys are just dreadful.